Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 4.7% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 4.7% during mid-day trading on Monday . The stock traded as low as $1.10 and last traded at $1.11. Approximately 1,833,136 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 7,405,019 shares. The stock had previously closed at $1.16.

Analysts Set New Price Targets

PSNY has been the topic of several analyst reports. Sanford C. Bernstein upped their price target on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a report on Friday, August 30th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $1.50 price target on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.00 price objective on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Finally, Piper Sandler decreased their target price on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Stock Performance

The company has a fifty day simple moving average of $1.44 and a two-hundred day simple moving average of $1.10. The firm has a market capitalization of $2.37 billion, a PE ratio of -2.04 and a beta of 1.54.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSNY. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth approximately $1,321,000. Tidal Investments LLC lifted its holdings in Polestar Automotive Holding UK by 118.4% during the first quarter. Tidal Investments LLC now owns 241,946 shares of the company’s stock worth $373,000 after buying an additional 131,167 shares during the period. Swedbank AB bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $9,235,000. DNB Asset Management AS purchased a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $48,000. Finally, Marshall Wace LLP bought a new position in shares of Polestar Automotive Holding UK in the 2nd quarter worth $407,000. 1.02% of the stock is currently owned by institutional investors.

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.