Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4.1% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 4.1% during trading on Monday . The stock traded as low as $1.16 and last traded at $1.17. Approximately 1,552,296 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 4,921,491 shares. The stock had previously closed at $1.22.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price objective on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Bank of America initiated coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price objective on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Stock Down 8.2 %

The company has a market cap of $2.39 billion, a P/E ratio of -1.97 and a beta of 1.53. The business has a 50-day moving average price of $1.11 and a two-hundred day moving average price of $1.12.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of Polestar Automotive Holding UK by 78.3% during the third quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after buying an additional 205,890 shares during the last quarter. Geode Capital Management LLC grew its holdings in Polestar Automotive Holding UK by 444.0% during the 3rd quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock worth $1,471,000 after acquiring an additional 697,820 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Polestar Automotive Holding UK during the 3rd quarter valued at $468,000. XTX Topco Ltd lifted its stake in shares of Polestar Automotive Holding UK by 91.5% in the 3rd quarter. XTX Topco Ltd now owns 288,564 shares of the company’s stock valued at $496,000 after purchasing an additional 137,907 shares during the period. Finally, Captrust Financial Advisors boosted its position in shares of Polestar Automotive Holding UK by 125.4% in the 3rd quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock worth $80,000 after purchasing an additional 25,930 shares during the last quarter. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.