Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 6.4% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price dropped 6.4% during mid-day trading on Wednesday . The stock traded as low as $13.50 and last traded at $13.65. Approximately 65,137 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 171,892 shares. The stock had previously closed at $14.59.

Analysts Set New Price Targets

PSNY has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research report on Tuesday, August 11th. Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Polestar Automotive Holding UK currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Down 3.4%

The firm’s 50-day moving average price is $16.58 and its two-hundred day moving average price is $18.12. The firm has a market capitalization of $1.23 billion, a PE ratio of -0.69 and a beta of 1.33.

Insider Activity

In other news, Director Cynthia S. Dubin bought 1,275 shares of the stock in a transaction on Thursday, July 2nd. The shares were purchased at an average price of $20.72 per share, for a total transaction of $26,418.00. Following the completion of the purchase, the director directly owned 3,195 shares of the company’s stock, valued at $66,200.40. This trade represents a 66.41% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Francesca Paola Leandr Gamboni purchased 1,709 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were purchased at an average cost of $17.56 per share, with a total value of $30,010.04. Following the completion of the purchase, the director directly owned 4,792 shares in the company, valued at approximately $84,147.52. This represents a 55.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have acquired 21,829 shares of company stock valued at $396,522. 0.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Polestar Automotive Holding UK in the 4th quarter valued at $160,160,000. UBS Group AG boosted its position in Polestar Automotive Holding UK by 22.6% during the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after purchasing an additional 443,359 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of 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 period. California State Teachers Retirement System boosted its holdings in shares of Polestar Automotive Holding UK by 18.6% during the 2nd quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock worth $491,000 after buying an additional 72,023 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in Polestar Automotive Holding UK in the 2nd quarter valued at $326,000. 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.