Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.1% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 7.1% during mid-day trading on Monday . The company traded as low as $21.03 and last traded at $21.63. Approximately 94,232 shares changed hands 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

Several equities analysts have recently commented on the company. Cantor Fitzgerald downgraded Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Polestar Automotive Holding UK presently has an average rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The company has a 50-day moving average of $59.58 and a 200 day moving average of $502.27. The company has a market cap of $1.29 billion, a PE ratio of -0.93 and a beta of 1.23.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rathbones Group PLC raised its stake in shares of Polestar Automotive Holding UK by 79.1% in 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. Russell Investments Group Ltd. lifted its stake in Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after purchasing an additional 14,877 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of Polestar Automotive Holding UK during the first quarter valued at approximately $62,000. Captrust Financial Advisors boosted its position in shares of 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 buying an additional 17,700 shares during the period. Finally, Cresset Asset Management LLC grew its stake in shares of Polestar Automotive Holding UK by 26.7% during the second 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 during the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.