Polestar Automotive Holding UK (NASDAQ:PSNY) Sets New 52-Week Low – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reached a new 52-week low on Tuesday . The stock traded as low as $0.84 and last traded at $0.85, with a volume of 5044254 shares trading hands. The stock had previously closed at $0.88.

Analysts Set New Price Targets

PSNY has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a report on Wednesday, October 8th. Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Stock Performance

The company has a market capitalization of $1.81 billion, a PE ratio of -1.48 and a beta of 1.36. The stock’s fifty day simple moving average is $1.02 and its 200-day simple moving average is $1.05.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $790.79 million during the quarter, compared to analyst estimates of $850.00 million. On average, equities analysts anticipate that Polestar Automotive Holding UK PLC will post -0.59 EPS for the current year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

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