Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 5.4% – What’s Next?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded down 5.4% on Wednesday . The stock traded as low as $1.13 and last traded at $1.15. 1,509,060 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,374,996 shares. The stock had previously closed at $1.21.

Wall Street Analyst Weigh In

PSNY has been the topic of several research analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Friday, January 17th. Bank of America started coverage on Polestar Automotive Holding UK in a research note on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price target for the company. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $1.53.

Polestar Automotive Holding UK Stock Performance

The company has a fifty day simple moving average of $1.10 and a two-hundred day simple moving average of $1.22. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -1.99 and a beta of 1.49.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several hedge funds have recently made changes to their positions in PSNY. Public Employees Retirement System of Ohio acquired a new stake in Polestar Automotive Holding UK in the 4th quarter worth $104,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Polestar Automotive Holding UK during the fourth quarter worth $610,000. Vident Advisory LLC acquired a new stake in Polestar Automotive Holding UK in the fourth quarter valued at $178,000. Nuveen Asset Management LLC acquired a new stake in shares of Polestar Automotive Holding UK during the 4th quarter worth about $347,000. Finally, D. E. Shaw & Co. Inc. increased its position in Polestar Automotive Holding UK by 69.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 339,809 shares of the company’s stock worth $357,000 after acquiring an additional 139,590 shares during the period. 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.