Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $17.18, but opened at $16.51. Polestar Automotive Holding UK shares last traded at $17.2340, with a volume of 40,581 shares.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday. Zacks Research lowered Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Finally, Wall Street Zen downgraded Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Sell”.

Polestar Automotive Holding UK Trading Up 3.8%

The company has a market cap of $1.27 billion, a price-to-earnings ratio of -0.91 and a beta of 1.37. The company has a fifty day moving average price of $19.25 and a two-hundred day moving average price of $27.31.

Polestar Automotive Holding UK’s stock is scheduled to reverse split on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 29th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PSNY. UBS Group AG boosted its holdings in Polestar Automotive Holding UK by 22.6% during the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after purchasing an additional 443,359 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $326,000. Advisors Asset Management Inc. boosted its stake in Polestar Automotive Holding UK by 61.2% in the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company’s stock valued at $472,000 after buying an additional 170,563 shares in the last quarter. Quadrature Capital Ltd grew its position 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 period. Finally, Invesco Ltd. raised its stake in Polestar Automotive Holding UK by 1,096.8% during the first quarter. Invesco Ltd. now owns 146,238 shares of the company’s stock worth $154,000 after acquiring an additional 134,019 shares in the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

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.