Polestar Automotive Holding UK (NASDAQ:PSNYW) Shares Down 4.5% – Here’s What Happened

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) fell 4.5% on Wednesday . The company traded as low as $2.65 and last traded at $2.73. Approximately 73,631 shares traded hands during trading, an increase of 113% from the average daily volume of 34,588 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Down 4.5%

The business’s fifty day moving average is $2.76 and its two-hundred day moving average is $3.38.

Institutional Trading of Polestar Automotive Holding UK

An institutional investor recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC purchased a new position in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 80,000 shares of the company’s stock, valued at approximately $510,000.

About Polestar Automotive Holding UK

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.