Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 6.6% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNYGet Free Report) shares fell 6.6% during mid-day trading on Wednesday . The stock traded as low as $8.31 and last traded at $8.3450. Approximately 42,044 shares traded hands during trading, a decline of 77% from the average session volume of 182,134 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PSNY shares. Cantor Fitzgerald restated an “underweight” rating on shares of Polestar Automotive Holding UK in a research report on Friday, September 4th. Wall Street Zen downgraded shares of Polestar Automotive Holding UK from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 5th. Finally, Weiss Ratings raised shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Polestar Automotive Holding UK has an average rating of “Sell”.

Read Our Latest Analysis on Polestar Automotive Holding UK

Polestar Automotive Holding UK Trading Down 3.0%

The firm has a 50-day moving average of $13.99 and a 200 day moving average of $17.48. The stock has a market capitalization of $720.58 million, a price-to-earnings ratio of -0.40 and a beta of 1.32.

Polestar Automotive Holding UK (NASDAQ:PSNYGet Free Report) last announced its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($0.96). The business had revenue of $680.05 million during the quarter, compared to the consensus estimate of $878.10 million. Equities research analysts predict that Polestar Automotive Holding UK PLC will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Quan (Joe) Zhang acquired 1,700 shares of Polestar Automotive Holding UK stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired at an average price of $17.70 per share, with a total value of $30,090.00. Following the completion of the acquisition, the director directly owned 3,300 shares of the company’s stock, valued at $58,410. This trade represents a 106.25% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cynthia Dubin bought 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was bought at an average price of $20.72 per share, with a total value of $26,418.00. Following the transaction, the director directly owned 3,195 shares in the company, valued at $66,200.40. This represents a 66.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 15,129 shares of company stock valued at $264,398. Corporate insiders own 0.02% of the company’s stock.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its stake in shares of Polestar Automotive Holding UK by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after acquiring an additional 57,717 shares during the period. Focus Partners Wealth acquired a new stake in Polestar Automotive Holding UK in the first quarter worth approximately $62,000. Russell Investments Group Ltd. lifted its position in Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the period. Cresset Asset Management LLC lifted its position in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock worth $89,000 after purchasing an additional 17,590 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Polestar Automotive Holding UK during the 2nd quarter valued at $326,000. 1.02% of the stock is owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

(Get Free Report)

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric performance car company specializing in the design, development and manufacture of premium electric vehicles. Established as an offshoot of Volvo Car Group’s high-performance Polestar division, the company focuses on delivering a blend of Scandinavian design, advanced electric powertrains and cutting-edge connectivity features.

The roots of Polestar date back to 1996 when it operated as Volvo’s in-house tuning and motorsport arm.

Further Reading

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