Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4.4% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 4.4% during trading on Wednesday . The company traded as low as $1.04 and last traded at $1.05. Approximately 3,556,800 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 6,248,733 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Polestar Automotive Holding UK in a research report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $1.53.

Polestar Automotive Holding UK Stock Performance

The firm has a market cap of $2.22 billion, a PE ratio of -1.82 and a beta of 1.53. The company has a 50 day simple moving average of $1.08 and a two-hundred day simple moving average of $1.15.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently bought and sold shares of PSNY. MetLife Investment Management LLC boosted its stake in shares of Polestar Automotive Holding UK by 134.4% in the third quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock worth $26,000 after buying an additional 8,823 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $26,000. Captrust Financial Advisors boosted its position in Polestar Automotive Holding UK by 125.4% in the 3rd 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. XTX Topco Ltd grew its stake in shares of Polestar Automotive Holding UK by 153.1% during the 2nd quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock worth $119,000 after purchasing an additional 91,139 shares during the period. Finally, Scientech Research LLC purchased a new position in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $161,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.