Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares gapped down before the market opened on Friday . The stock had previously closed at $17.18, but opened at $16.51. Polestar Automotive Holding UK shares last traded at $17.2340, with a volume of 40,581 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSNY. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 22nd. Finally, Zacks Research cut shares of Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -0.90 and a beta of 1.37. The business has a fifty day moving average of $19.07 and a 200 day moving average of $27.18.

Polestar Automotive Holding UK shares are scheduled to reverse split on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of large investors have recently bought and sold shares of the business. Invesco Ltd. lifted its position in shares of Polestar Automotive Holding UK by 1,096.8% in the first quarter. Invesco Ltd. now owns 146,238 shares of the company’s stock worth $154,000 after buying an additional 134,019 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Polestar Automotive Holding UK by 61.2% in the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock valued at $472,000 after acquiring an additional 170,563 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Polestar Automotive Holding UK by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after purchasing an additional 57,717 shares during the last quarter. SCS Capital Management LLC bought a new stake in Polestar Automotive Holding UK during the first quarter worth approximately $43,000. Finally, Focus Partners Wealth acquired a new position in Polestar Automotive Holding UK during the first quarter valued at approximately $62,000. 1.02% of the stock is currently owned by institutional investors.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.