Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.8%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 5.8% on Tuesday . The stock traded as low as $1.62 and last traded at $1.62. 664,405 shares traded hands during trading, a decline of 92% from the average session volume of 7,989,883 shares. The stock had previously closed at $1.72.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Stock Performance

The company’s 50-day simple moving average is $1.13 and its 200-day simple moving average is $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results 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, equities analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

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

Polestar Automotive Holding UK Company Profile

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