Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4.1% – Time to Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares dropped 4.1% on Monday . The company traded as low as $1.16 and last traded at $1.17. Approximately 1,552,296 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 4,921,491 shares. The stock had previously closed at $1.22.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price objective on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Bank of America started coverage on Polestar Automotive Holding UK in a report on Thursday, December 5th. They set a “neutral” rating and a $1.25 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $1.53.

Polestar Automotive Holding UK Trading Up 0.9 %

The firm’s 50 day simple moving average is $1.10 and its 200 day simple moving average is $1.13. The firm has a market cap of $2.37 billion, a PE ratio of -1.95 and a beta of 1.53.

Institutional Trading of Polestar Automotive Holding UK

A number of large investors have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Polestar Automotive Holding UK in the second quarter valued at $1,321,000. Marshall Wace LLP purchased a new position in Polestar Automotive Holding UK in the second quarter worth about $407,000. Tredje AP fonden bought a new stake in Polestar Automotive Holding UK during the second quarter worth approximately $3,091,000. Canada Pension Plan Investment Board raised its position in Polestar Automotive Holding UK by 59.4% during the second quarter. Canada Pension Plan Investment Board now owns 321,142 shares of the company’s stock valued at $253,000 after purchasing an additional 119,642 shares during the period. Finally, Public Sector Pension Investment Board bought a new stake in shares of Polestar Automotive Holding UK in the 2nd quarter valued at approximately $193,000. 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.