Polestar Automotive Holding UK (NASDAQ:PSNYW) Trading Down 3.7% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW)’s stock price fell 3.7% during mid-day trading on Wednesday . The stock traded as low as $3.80 and last traded at $3.91. 14,727 shares were traded during mid-day trading, an increase of 21% from the average session volume of 12,147 shares. The stock had previously closed at $4.06.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Polestar Automotive Holding UK has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The business has a 50 day simple moving average of $5.92 and a 200-day simple moving average of $6.50.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.