Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 3.5%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 3.5% on Wednesday . The company traded as low as $1.65 and last traded at $1.65. 1,675,260 shares were traded during mid-day trading, a decline of 79% from the average session volume of 8,048,721 shares. The stock had previously closed at $1.71.

Wall Street Analysts Forecast Growth

PSNY has been the topic of a number of recent research reports. Sanford C. Bernstein upped their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research report on Friday, August 30th. Piper Sandler decreased their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $1.50 price objective on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Barclays decreased their price objective on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Polestar Automotive Holding UK currently has a consensus rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Stock Down 4.2 %

The firm has a fifty day moving average price of $0.99 and a two-hundred day moving average price of $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The company had revenue of $534.12 million during the quarter. As a group, research analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. Harel Insurance Investments & Financial Services Ltd. grew its stake in Polestar Automotive Holding UK by 77.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock worth $25,000 after purchasing an additional 13,624 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $26,000. SG Americas Securities LLC bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $32,000. Versor Investments LP bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $47,000. Finally, DNB Asset Management AS bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $48,000. Institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.