Polestar Automotive Holding UK (NASDAQ:PSNY) Reaches New 52-Week Low – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price reached a new 52-week low on Wednesday . The company traded as low as $0.6596 and last traded at $0.6380, with a volume of 10113710 shares traded. The stock had previously closed at $0.7962.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PSNY shares. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Polestar Automotive Holding UK currently has an average rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Stock Down 14.8%

The company has a market cap of $1.45 billion, a price-to-earnings ratio of -1.04 and a beta of 1.35. The business’s fifty day simple moving average is $0.91 and its two-hundred day simple moving average is $1.03.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $790.79 million during the quarter, compared to analyst estimates of $850.00 million. Sell-side analysts predict that Polestar Automotive Holding UK PLC will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds have recently made changes to their positions in the company. SCS Capital Management LLC acquired a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $43,000. Russell Investments Group Ltd. lifted its position in Polestar Automotive Holding UK by 45.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after acquiring an additional 14,877 shares during the period. Captrust Financial Advisors lifted its position in Polestar Automotive Holding UK by 43.2% during the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares during the period. Focus Partners Wealth purchased a new position in shares of Polestar Automotive Holding UK in the 1st quarter valued at approximately $62,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Polestar Automotive Holding UK in the first quarter valued at approximately $85,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.