Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 5.1% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 5.1% during trading on Monday . The stock traded as low as $0.95 and last traded at $0.97. 5,127,689 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 7,216,251 shares. The stock had previously closed at $1.02.

Wall Street Analyst Weigh In

Several analysts have weighed in on PSNY shares. Sanford C. Bernstein boosted their target price on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Bank of America began coverage on shares of Polestar Automotive Holding UK in a research report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a research report on Tuesday, September 10th. Finally, Piper Sandler reduced their price objective on shares of Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Polestar Automotive Holding UK currently has a consensus rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Price Performance

The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -1.79 and a beta of 1.53. The firm’s fifty day moving average is $1.21 and its two-hundred day moving average is $1.09.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently made changes to their positions in PSNY. MetLife Investment Management LLC lifted its position in shares of Polestar Automotive Holding UK by 134.4% in the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after acquiring an additional 8,823 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Polestar Automotive Holding UK by 77.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 31,239 shares of the company’s stock valued at $25,000 after acquiring an additional 13,624 shares in the last quarter. Captrust Financial Advisors raised its position in Polestar Automotive Holding UK by 125.4% in the third quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock worth $80,000 after purchasing an additional 25,930 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Polestar Automotive Holding UK during the second quarter valued at approximately $26,000. Finally, SG Americas Securities LLC acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter worth approximately $32,000. 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.