Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.6% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 4.6% during mid-day trading on Tuesday . The stock traded as low as $1.13 and last traded at $1.15. Approximately 542,092 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 7,403,717 shares. The stock had previously closed at $1.20.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PSNY shares. Sanford C. Bernstein raised their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a report on Friday, August 30th. 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. Cantor Fitzgerald restated an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.50 price target on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Polestar Automotive Holding UK currently has an average rating of “Hold” and a consensus price target of $1.58.

Polestar Automotive Holding UK Price Performance

The business’s 50-day moving average is $1.38 and its 200 day moving average is $1.09. The firm has a market capitalization of $2.46 billion, a P/E ratio of -2.11 and a beta of 1.54.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ bought a new position in Polestar Automotive Holding UK in the 2nd quarter valued at about $1,321,000. Tidal Investments LLC lifted its holdings in shares of Polestar Automotive Holding UK by 118.4% in the first quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock worth $373,000 after acquiring an additional 131,167 shares during the last quarter. Swedbank AB bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $9,235,000. DNB Asset Management AS bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $48,000. Finally, Marshall Wace LLP bought a new position in shares of Polestar Automotive Holding UK in the second quarter worth about $407,000. 1.02% of the stock is 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.