Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 8.3% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) was down 8.3% during trading on Tuesday . The stock traded as low as $16.92 and last traded at $16.9090. Approximately 37,035 shares changed hands during trading, a decline of 85% from the average daily volume of 251,423 shares. The stock had previously closed at $18.44.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSNY shares. Zacks Research upgraded Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $1.20 billion, a PE ratio of -0.86 and a beta of 1.33. The company has a 50 day simple moving average of $146.36 and a two-hundred day simple moving average of $574.52.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. UBS Group AG lifted its position in Polestar Automotive Holding UK by 22.6% in the 3rd quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after buying an additional 443,359 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Polestar Automotive Holding UK in the second quarter worth $326,000. Quadrature Capital Ltd increased its stake in shares of Polestar Automotive Holding UK by 224.7% in the second quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock worth $260,000 after acquiring an additional 167,196 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in shares of Polestar Automotive Holding UK during the fourth quarter worth $3,111,000. Finally, Bank of America Corp DE boosted its position in Polestar Automotive Holding UK by 128.7% during the third quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock valued at $155,000 after purchasing an additional 92,621 shares during the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

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.