Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 5.8%

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) were down 5.8% during mid-day trading on Tuesday . The company traded as low as $1.62 and last traded at $1.62. Approximately 664,405 shares changed hands during trading, a decline of 92% from the average daily volume of 7,989,883 shares. The stock had previously closed at $1.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Barclays decreased their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $1.50 target price on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Sanford C. Bernstein lifted their price target on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Piper Sandler lowered 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 research note on Wednesday, September 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $3.00 target price on shares of Polestar Automotive Holding UK in a report on Monday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $1.58.

Polestar Automotive Holding UK Price Performance

The company has a 50-day moving average price of $1.13 and a 200-day moving average price of $1.13.

Polestar Automotive Holding UK (NASDAQ:PSNY) last released its earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. The business had revenue of $534.12 million for the quarter. As a group, sell-side analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Several hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Polestar Automotive Holding UK by 71.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 242,402 shares of the company’s stock worth $191,000 after acquiring an additional 101,066 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter valued at $179,000. Scientech Research LLC purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $161,000. Marshall Wace LLP purchased a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at $407,000. Finally, Public Sector Pension Investment Board acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter worth $193,000. 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.