Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 7.5% – Here’s What Happened

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded down 7.5% during trading on Monday . The stock traded as low as $18.45 and last traded at $17.9550. 114,508 shares were traded during mid-day trading, a decline of 57% from the average session volume of 264,644 shares. The stock had previously closed at $19.42.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PSNY. Zacks Research raised Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce”.

Polestar Automotive Holding UK Trading Down 1.6%

The firm has a 50-day moving average of $208.31 and a 200 day moving average of $614.74. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -0.98 and a beta of 1.34.

Institutional Trading of Polestar Automotive Holding UK

A number of hedge funds have recently made changes to their positions in PSNY. California State Teachers Retirement System increased its position in shares of Polestar Automotive Holding UK by 18.6% in the 2nd quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock worth $491,000 after purchasing an additional 72,023 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Polestar Automotive Holding UK by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after buying an additional 57,717 shares during the last quarter. UBS Group AG increased its position in Polestar Automotive Holding UK by 22.6% in the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after buying an additional 443,359 shares during the period. Rathbones Group PLC boosted its holdings in shares of Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock valued at $43,000 after acquiring an additional 20,000 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Polestar Automotive Holding UK by 6.9% in the third quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock valued at $157,000 after purchasing an additional 10,780 shares during the period. 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.