Barclays Issues Pessimistic Forecast for Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price

Polestar Automotive Holding UK (NASDAQ:PSNY) had its price objective reduced by research analysts at Barclays from $15.00 to $5.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential downside of 7.06% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reissued an “underweight” rating on shares of Polestar Automotive Holding UK in a research note on Friday. Weiss Ratings downgraded shares of Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 2nd. Finally, Wall Street Zen downgraded Polestar Automotive Holding UK from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 5th. One research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Sell” and a consensus price target of $5.00.

Polestar Automotive Holding UK Stock Performance

Shares of NASDAQ PSNY traded up $0.07 during midday trading on Friday, reaching $5.38. The stock had a trading volume of 139,676 shares, compared to its average volume of 192,875. Polestar Automotive Holding UK has a 12-month low of $4.96 and a 12-month high of $29.10. The stock has a 50-day moving average of $10.27 and a 200-day moving average of $15.93. The company has a market capitalization of $502.17 million, a price-to-earnings ratio of -0.36 and a beta of 1.44.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) EPS for the quarter, missing the consensus estimate of ($2.19) by ($0.96). The firm had revenue of $680.05 million for the quarter, compared to analysts’ expectations of $878.10 million. As a group, analysts forecast that Polestar Automotive Holding UK will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in Polestar Automotive Holding UK by 28,277.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock valued at $47,000 after purchasing an additional 2,545 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Polestar Automotive Holding UK by 74.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock worth $138,000 after buying an additional 3,194 shares in the last quarter. Nykredit A S purchased a new stake in Polestar Automotive Holding UK in the 2nd quarter worth approximately $65,000. Public Employees Retirement System of Ohio increased its stake in Polestar Automotive Holding UK by 171.8% during the first quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock valued at $184,000 after acquiring an additional 6,300 shares during the period. Finally, SmartHarvest Portfolios LLC acquired a new position in shares of Polestar Automotive Holding UK during the first quarter worth approximately $186,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC is the holding company of Polestar, a global electric vehicle brand founded in 2017 through a partnership involving Volvo Cars and Geely. The company is headquartered in Gothenburg, Sweden, and focuses on designing, developing and selling premium electric performance vehicles.

Polestar’s vehicle lineup has included the Polestar 2 fastback, an all-electric compact premium car; the Polestar 3 electric performance SUV; and the Polestar 4 electric SUV coupe.