Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $17.18, but opened at $16.51. Polestar Automotive Holding UK shares last traded at $17.2340, with a volume of 40,581 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSNY. Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday. Wall Street Zen cut shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Finally, Zacks Research lowered Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -0.91 and a beta of 1.37. The firm’s 50-day simple moving average is $19.25 and its two-hundred day simple moving average is $27.31.

Shares of Polestar Automotive Holding UK are set to reverse split before the market opens on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

Institutional Investors Weigh In On Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of 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 worth $51,000 after acquiring an additional 14,877 shares during the last quarter. Cresset Asset Management LLC increased its position in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock worth $89,000 after purchasing an additional 17,590 shares during the period. Captrust Financial Advisors raised its holdings in Polestar Automotive Holding UK by 43.2% during the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after purchasing an additional 17,700 shares during the last quarter. Rathbones Group PLC lifted its position in Polestar Automotive Holding UK by 79.1% during the 3rd quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock valued at $43,000 after purchasing an additional 20,000 shares during the period. Finally, SCS Capital Management LLC bought a new position in shares of Polestar Automotive Holding UK in the 1st quarter valued at about $43,000. 1.02% of the stock is owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

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.