Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.4% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price traded down 4.4% during trading on Monday . The company traded as low as $0.5851 and last traded at $0.5830. 1,283,226 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 4,563,107 shares. The stock had previously closed at $0.6096.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wall Street Zen downgraded Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Zacks Research cut shares of Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research report on Friday, November 14th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Wednesday. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Polestar Automotive Holding UK presently has an average rating of “Reduce” and an average price target of $1.25.

Polestar Automotive Holding UK Stock Down 6.5%

The company has a 50 day simple moving average of $0.84 and a 200 day simple moving average of $1.00. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -0.88 and a beta of 1.35.

Shares of Polestar Automotive Holding UK are going to reverse split on the morning of Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

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

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors have recently added to or reduced their stakes in the business. SCS Capital Management LLC acquired a new stake in Polestar Automotive Holding UK in the 1st quarter valued at $43,000. Rathbones Group PLC boosted its position in shares of Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock worth $43,000 after buying an additional 20,000 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after buying an additional 14,877 shares in the last quarter. Captrust Financial Advisors raised its holdings 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 buying an additional 17,700 shares during the period. Finally, Focus Partners Wealth acquired a new position in Polestar Automotive Holding UK during the 1st quarter worth approximately $62,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

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