Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 9.6% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was down 9.6% during mid-day trading on Tuesday . The stock traded as low as $20.39 and last traded at $20.1050. Approximately 13,136 shares traded hands during trading, a decline of 93% from the average daily volume of 181,826 shares. The stock had previously closed at $22.24.

Analyst Ratings Changes

A number of equities analysts recently commented on PSNY shares. Wall Street Zen cut Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Zacks Research upgraded shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Polestar Automotive Holding UK Trading Down 10.1%

The firm has a 50-day moving average of $352.60 and a two-hundred day moving average of $710.63. The firm has a market capitalization of $1.43 billion, a P/E ratio of -1.02 and a beta of 1.34.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in Polestar Automotive Holding UK by 12.2% in the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after purchasing an additional 57,717 shares during the period. Focus Partners Wealth bought a new position in shares of Polestar Automotive Holding UK during the first quarter worth about $62,000. Russell Investments Group Ltd. lifted its stake in shares of 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 acquiring an additional 14,877 shares during the period. Quadrature Capital Ltd boosted its holdings in Polestar Automotive Holding UK by 224.7% in the second quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock valued at $260,000 after acquiring an additional 167,196 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its holdings 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 valued at $89,000 after acquiring an additional 17,590 shares during the last quarter. 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 (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.