Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 12-Month Low at $1.22

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $1.22 and last traded at $1.22, with a volume of 1158766 shares changing hands. The stock had previously closed at $1.27.

Analyst Upgrades and Downgrades

PSNY has been the subject of several analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $2.00 price objective (down from $3.00) on shares of Polestar Automotive Holding UK in a research note on Friday, March 15th. Sanford C. Bernstein assumed coverage on Polestar Automotive Holding UK in a research note on Wednesday, January 24th. They set an “underperform” rating and a $1.15 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Polestar Automotive Holding UK in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Hold” and a consensus target price of $3.83.

Polestar Automotive Holding UK Price Performance

The business’s fifty day simple moving average is $1.59 and its 200 day simple moving average is $1.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. lifted its position in Polestar Automotive Holding UK by 10.7% in the 3rd quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after buying an additional 273,479 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Polestar Automotive Holding UK by 18.7% during the 3rd quarter. Rafferty Asset Management LLC now owns 62,999 shares of the company’s stock worth $166,000 after acquiring an additional 9,942 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Polestar Automotive Holding UK by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 574,550 shares of the company’s stock valued at $1,517,000 after purchasing an additional 112,900 shares during the last quarter. Schechter Investment Advisors LLC bought a new position in Polestar Automotive Holding UK during the 4th quarter valued at about $35,000. Finally, Avantax Advisory Services Inc. acquired a new stake in Polestar Automotive Holding UK in the 3rd quarter valued at about $34,000. 1.02% of the stock is currently owned by institutional investors.

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.