Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 5.2% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 5.2% on Monday . The company traded as low as $1.08 and last traded at $1.08. Approximately 1,305,480 shares were traded during trading, a decline of 82% from the average daily volume of 7,354,541 shares. The stock had previously closed at $1.14.

Analysts Set New Price Targets

PSNY has been the subject of a number of recent research reports. Sanford C. Bernstein increased their price objective on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Piper Sandler cut their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 target price on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $1.58.

Polestar Automotive Holding UK Trading Down 0.9 %

The stock has a market capitalization of $2.26 billion, a PE ratio of -1.86 and a beta of 1.53. The firm has a 50 day moving average of $1.31 and a two-hundred day moving average of $1.08.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. increased its stake in Polestar Automotive Holding UK by 77.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after purchasing an additional 13,624 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $26,000. MetLife Investment Management LLC grew its holdings in Polestar Automotive Holding UK by 134.4% during the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after buying an additional 8,823 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $32,000. Finally, Versor Investments LP acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $47,000. 1.02% of the stock is owned by hedge funds and other 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.