Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price fell 7% during trading on Friday . The stock traded as low as $20.09 and last traded at $19.8640. 215,829 shares traded hands during trading, a decline of 44% from the average session volume of 384,593 shares. The stock had previously closed at $21.37.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PSNY shares. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Finally, Zacks Research lowered Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research report on Friday, November 14th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock’s fifty day moving average price is $508.53 and its 200-day moving average price is $786.59. The company has a market capitalization of $1.41 billion, a P/E ratio of -1.02 and a beta of 1.34.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PSNY. UBS Group AG raised its stake in Polestar Automotive Holding UK by 22.6% in the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after acquiring an additional 443,359 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Polestar Automotive Holding UK by 12.2% in the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after purchasing an additional 57,717 shares during the period. California State Teachers Retirement System lifted its stake in shares of Polestar Automotive Holding UK by 18.6% during the 2nd quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock worth $491,000 after buying an additional 72,023 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Polestar Automotive Holding UK by 61.2% during the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock worth $472,000 after buying an additional 170,563 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth about $326,000. 1.02% of the stock is currently owned by institutional investors.

Polestar Automotive Holding UK Company Profile

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.