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

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has been given an average recommendation of “Reduce” by the seven research firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $1.53.

PSNY has been the topic of a number of research analyst reports. Bank of America initiated 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 objective on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a report on Friday, January 17th.

Polestar Automotive Holding UK Stock Performance

PSNY opened at $1.04 on Friday. The company’s 50-day simple moving average is $1.09 and its two-hundred day simple moving average is $1.19. The stock has a market capitalization of $2.22 billion, a P/E ratio of -1.82 and a beta of 1.49. Polestar Automotive Holding UK has a 52-week low of $0.61 and a 52-week high of $1.94.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Institutional investors have recently added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Polestar Automotive Holding UK in the fourth quarter valued at $504,000. Geode Capital Management LLC lifted its position in Polestar Automotive Holding UK by 444.0% during the third quarter. Geode Capital Management LLC now owns 854,999 shares of the company’s stock valued at $1,471,000 after purchasing an additional 697,820 shares during the last quarter. Swiss National Bank bought a new position in shares of Polestar Automotive Holding UK during the 4th quarter valued at approximately $855,000. Handelsbanken Fonder AB bought a new position in shares of Polestar Automotive Holding UK during the 4th quarter valued at approximately $115,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Polestar Automotive Holding UK in the third quarter worth $468,000. 1.02% of the stock is owned by hedge funds and other 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.