Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.8% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 4.8% during trading on Friday . The stock traded as low as $21.25 and last traded at $21.14. Approximately 54,306 shares changed hands during trading, a decline of 73% from the average daily volume of 201,906 shares. The stock had previously closed at $22.20.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $1.50 billion, a P/E ratio of -1.08 and a beta of 1.34. The stock has a 50-day moving average of $432.91 and a two-hundred day moving average of $753.44.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently made changes to their positions in PSNY. Goldman Sachs Group Inc. lifted its stake in 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 worth $555,000 after purchasing an additional 57,717 shares during the last quarter. SCS Capital Management LLC purchased a new position in shares of Polestar Automotive Holding UK in the first quarter worth about $43,000. Focus Partners Wealth bought a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $62,000. Russell Investments Group Ltd. lifted its stake in shares of Polestar Automotive Holding UK by 45.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after acquiring an additional 14,877 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its holdings in Polestar Automotive Holding UK by 224.7% during the 2nd quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock valued at $260,000 after acquiring an additional 167,196 shares during the period. Institutional investors own 1.02% of the company’s stock.

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.