Polestar Automotive Holding UK (NASDAQ:PSNY) Sets New 52-Week Low – Here’s Why

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $7.25 and last traded at $7.32, with a volume of 363630 shares trading hands. The stock had previously closed at $7.40.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSNY. Weiss Ratings upgraded Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 8th. Wall Street Zen lowered shares of Polestar Automotive Holding UK from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 5th. Finally, Cantor Fitzgerald reiterated an “underweight” rating on shares of Polestar Automotive Holding UK in a research note on Friday, September 4th. One research 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 currently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The company’s 50-day simple moving average is $12.80 and its 200 day simple moving average is $17.05. The company has a market cap of $741.12 million, a PE ratio of -0.41 and a beta of 1.32.

Polestar Automotive Holding UK (NASDAQ:PSNY) last posted its quarterly earnings data on Thursday, September 3rd. The company reported ($3.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($0.96). The firm had revenue of $680.05 million during the quarter, compared to analyst estimates of $878.10 million. Analysts forecast that Polestar Automotive Holding UK PLC will post -0.4 EPS for the current year.

Insider Activity at Polestar Automotive Holding UK

In other news, Director Karl-Thomas Neumann bought 2,009 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were purchased at an average cost of $16.93 per share, for a total transaction of $34,012.37. Following the completion of the purchase, the director owned 7,998 shares of the company’s stock, valued at approximately $135,406.14. This represents a 33.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Quan (Joe) Zhang bought 1,700 shares of Polestar Automotive Holding UK stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $17.70 per share, for a total transaction of $30,090.00. Following the acquisition, the director owned 3,300 shares of the company’s stock, valued at $58,410. This represents a 106.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 15,129 shares of company stock worth $264,398 over the last quarter. 0.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nykredit A S acquired a new position in shares of Polestar Automotive Holding UK during the second quarter worth $65,000. Public Employees Retirement System of Ohio acquired a new stake in Polestar Automotive Holding UK in the second quarter valued at $277,000. EverSource Wealth Advisors LLC raised its stake in Polestar Automotive Holding UK by 28,277.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock valued at $47,000 after buying an additional 2,545 shares in the last quarter. California State Teachers Retirement System raised its stake in Polestar Automotive Holding UK by 184.5% in the first quarter. California State Teachers Retirement System now owns 46,546 shares of the company’s stock valued at $857,000 after buying an additional 30,185 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Polestar Automotive Holding UK by 195.4% during the 1st quarter. Swiss National Bank now owns 88,893 shares of the company’s stock worth $1,637,000 after buying an additional 58,800 shares during the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC is a Swedish-founded electric vehicle company that designs, develops and sells premium electric cars. The company focuses on combining Scandinavian design, performance and digital technology, with vehicles marketed under the Polestar brand.

Polestar’s product lineup includes the Polestar 2 electric fastback, the Polestar 3 electric performance SUV and the Polestar 4 electric SUV coupe. The company is also developing additional models, including the Polestar 5 grand touring car and Polestar 6 electric roadster.