Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.4% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 4.4% during trading on Wednesday . The stock traded as low as $1.04 and last traded at $1.05. 3,556,800 shares were traded during mid-day trading, a decline of 43% from the average session volume of 6,248,733 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

Several analysts have issued reports on PSNY shares. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Bank of America initiated coverage on shares of Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 target price for the company. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, Polestar Automotive Holding UK has an average rating of “Hold” and a consensus price target of $1.53.

Polestar Automotive Holding UK Stock Performance

The firm has a market cap of $2.22 billion, a P/E ratio of -1.82 and a beta of 1.53. The firm’s fifty day moving average is $1.09 and its 200 day moving average is $1.15.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $1,321,000. Geode Capital Management LLC grew its position in Polestar Automotive Holding UK by 444.0% during the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock worth $1,471,000 after buying an additional 697,820 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $407,000. Tidal Investments LLC lifted its holdings in shares of Polestar Automotive Holding UK by 78.3% during the 3rd quarter. Tidal Investments LLC now owns 468,741 shares of the company’s stock worth $806,000 after acquiring an additional 205,890 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $266,000. 1.02% of the stock is 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.