Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Given Average Recommendation of “Reduce” by Brokerages

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has been assigned an average rating of “Reduce” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $1.58.

A number of research analysts have recently commented on the company. Piper Sandler lowered their price objective on 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Sanford C. Bernstein upped their price objective on shares of Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a report on Friday, August 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th.

Polestar Automotive Holding UK Stock Up 2.7 %

PSNY stock opened at $1.14 on Wednesday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -2.00 and a beta of 1.54. The firm has a 50 day moving average of $1.43 and a two-hundred day moving average of $1.10. Polestar Automotive Holding UK has a 12 month low of $0.61 and a 12 month high of $2.65.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The company had revenue of $534.12 million for the quarter. On average, research analysts expect that Polestar Automotive Holding UK will post -0.53 EPS for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently bought and sold shares of PSNY. AMF Tjanstepension AB lifted its stake in shares of Polestar Automotive Holding UK by 399.3% in the second quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock valued at $17,283,000 after buying an additional 17,571,426 shares during the period. Swedbank AB acquired a new position in Polestar Automotive Holding UK in the 2nd quarter valued at approximately $9,235,000. Tredje AP fonden bought a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter worth approximately $3,091,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $518,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.