Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 8% – Time to Sell?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 8% during mid-day trading on Friday . The company traded as low as $18.16 and last traded at $18.8690. 93,790 shares were traded during mid-day trading, a decline of 56% from the average session volume of 213,625 shares. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

PSNY has been the topic of several research reports. Zacks Research raised Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Cantor Fitzgerald lowered Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a 50-day moving average of $18.43 and a two-hundred day moving average of $298.80. The company has a market cap of $1.29 billion, a P/E ratio of -0.93 and a beta of 1.29.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several large investors have recently modified their holdings of the stock. Alpine Global Management LLC bought a new position in Polestar Automotive Holding UK in the 4th quarter worth about $219,000. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in Polestar Automotive Holding UK in the fourth quarter worth about $160,160,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter worth approximately $522,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in shares of Polestar Automotive Holding UK in the fourth quarter worth approximately $3,111,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Polestar Automotive Holding UK by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock valued at $157,000 after buying an additional 10,780 shares during the last quarter. Hedge funds and other institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

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.