Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 7.1% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price dropped 7.1% during mid-day trading on Monday . The stock traded as low as $21.03 and last traded at $21.63. Approximately 94,232 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 252,962 shares. The stock had previously closed at $23.28.

Wall Street Analysts Forecast Growth

PSNY has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. Zacks Research upgraded Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Cantor Fitzgerald lowered Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note on Thursday, February 19th. 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, Polestar Automotive Holding UK currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The business’s 50 day simple moving average is $76.34 and its 200-day simple moving average is $515.62. The company has a market cap of $1.54 billion, a price-to-earnings ratio of -1.11 and a beta of 1.23.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSNY. Alpine Global Management LLC bought a new stake in Polestar Automotive Holding UK during the fourth quarter valued at about $219,000. JPMorgan Chase & Co. boosted its stake in Polestar Automotive Holding UK by 6.9% during the third quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock worth $157,000 after buying an additional 10,780 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Polestar Automotive Holding UK by 45.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after buying an additional 14,877 shares during the period. 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 buying an additional 17,590 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after purchasing an additional 17,700 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.