Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 8.6% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 8.6% during trading on Tuesday . The company traded as low as $0.7480 and last traded at $0.74. 4,697,582 shares traded hands during trading, an increase of 12% from the average session volume of 4,197,223 shares. The stock had previously closed at $0.81.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PSNY. Weiss Ratings reissued a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research report on Wednesday, October 8th. Cantor Fitzgerald reissued a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Finally, Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Polestar Automotive Holding UK currently has an average rating of “Reduce” and an average target price of $1.25.

Polestar Automotive Holding UK Stock Down 12.1%

The business’s 50 day moving average is $0.98 and its 200-day moving average is $1.04. The firm has a market cap of $1.53 billion, a P/E ratio of -1.09 and a beta of 1.35.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $790.79 million during the quarter, compared to the consensus estimate of $850.00 million. As a group, equities analysts predict that Polestar Automotive Holding UK PLC will post -0.59 earnings per share for the current year.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors have recently added to or reduced their stakes in PSNY. SCS Capital Management LLC bought a new stake in Polestar Automotive Holding UK during the first quarter valued at $43,000. Russell Investments Group Ltd. increased its stake in Polestar Automotive Holding UK by 45.0% during the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after purchasing an additional 14,877 shares during the last quarter. Focus Partners Wealth bought a new stake in Polestar Automotive Holding UK during the first quarter valued at $62,000. Captrust Financial Advisors increased 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 valued at $63,000 after purchasing an additional 17,700 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new stake in Polestar Automotive Holding UK during the first quarter valued at $85,000. Institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.