Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 1-Year Low – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $10.80 and last traded at $10.7740, with a volume of 20353 shares traded. The stock had previously closed at $11.99.

Analyst Ratings Changes

PSNY has been the subject of several recent research reports. Weiss Ratings downgraded Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 25th. Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock’s 50-day moving average price is $15.22 and its two-hundred day moving average price is $17.86. The stock has a market capitalization of $845.17 million, a PE ratio of -0.48 and a beta of 1.32.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) earnings per share (EPS) for the quarter. The company had revenue of $680.05 million for the quarter. On average, analysts predict that Polestar Automotive Holding UK PLC will post -8.08 earnings per share for the current fiscal year.

Insider Activity at Polestar Automotive Holding UK

In other news, Director Karl-Thomas Neumann acquired 2,009 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was bought at an average cost of $16.93 per share, for a total transaction of $34,012.37. Following the acquisition, the director directly owned 7,998 shares in the company, valued at approximately $135,406.14. The trade was a 33.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Xiaojie Shen acquired 2,436 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was acquired at an average cost of $17.31 per share, for a total transaction of $42,167.16. Following the completion of the transaction, the director directly owned 7,369 shares in the company, valued at $127,557.39. This represents a 49.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 15,129 shares of company stock valued at $264,398 over the last ninety days. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its position in Polestar Automotive Holding UK by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after buying an additional 57,717 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Polestar Automotive Holding UK in the first quarter worth approximately $62,000. Russell Investments Group Ltd. raised its holdings in shares of Polestar Automotive Holding UK by 45.0% during the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after purchasing an additional 14,877 shares during the last quarter. Cresset Asset Management LLC lifted its position in Polestar Automotive Holding UK by 26.7% during the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after purchasing an additional 17,590 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Polestar Automotive Holding UK during the second quarter valued at approximately $326,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.