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

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down prior to trading on Thursday . The stock had previously closed at $19.43, but opened at $17.00. Polestar Automotive Holding UK shares last traded at $18.7330, with a volume of 29,047 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Zacks Research upgraded shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Cantor Fitzgerald cut shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research report on Thursday, February 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock’s 50-day moving average is $18.49 and its 200 day moving average is $217.33. The firm has a market cap of $2.00 billion, a P/E ratio of -1.10 and a beta of 1.22.

Institutional Trading of Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently modified their holdings of the company. Pictet Asset Management Holding SA raised its stake in shares of Polestar Automotive Holding UK by 74.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock valued at $138,000 after purchasing an additional 3,194 shares during the period. Bank of America Corp DE raised its stake in shares of Polestar Automotive Holding UK by 128.7% in the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock valued at $155,000 after purchasing an additional 92,621 shares during the period. Captrust Financial Advisors raised its stake in shares of Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock valued at $63,000 after purchasing an additional 17,700 shares during the period. Rafferty Asset Management LLC raised its stake in shares of Polestar Automotive Holding UK by 99.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 106,630 shares of the company’s stock valued at $114,000 after purchasing an additional 53,086 shares during the period. Finally, Cresset Asset Management LLC raised its stake in shares of Polestar Automotive Holding UK by 26.7% in the 2nd quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock valued at $89,000 after purchasing an additional 17,590 shares during the period. Institutional investors and hedge funds 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.