Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4.1% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded down 4.1% during mid-day trading on Tuesday . The company traded as low as $12.30 and last traded at $12.3510. Approximately 122,516 shares changed hands during trading, a decline of 29% from the average daily volume of 171,959 shares. The stock had previously closed at $12.88.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSNY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research note on Tuesday, August 11th. Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Down 4.1%

The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -0.64 and a beta of 1.33. The company’s 50-day moving average is $16.31 and its 200-day moving average is $18.10.

Insider Activity at Polestar Automotive Holding UK

In other Polestar Automotive Holding UK news, Director Karl-Thomas Neumann bought 2,009 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was acquired at an average price of $16.93 per share, with a total value of $34,012.37. Following the completion of the purchase, the director directly owned 7,998 shares of the company’s stock, valued at approximately $135,406.14. This trade represents a 33.54% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cynthia S. Dubin acquired 1,275 shares of Polestar Automotive Holding UK stock in a transaction dated Thursday, July 2nd. The shares were bought at an average cost of $20.72 per share, with a total value of $26,418.00. Following the transaction, the director owned 3,195 shares in the company, valued at approximately $66,200.40. This trade represents a 66.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 21,829 shares of company stock worth $396,522 over the last quarter. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Polestar Automotive Holding UK by 28,277.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock valued at $47,000 after purchasing an additional 2,545 shares during the period. Nykredit A S bought a new position in shares of Polestar Automotive Holding UK in the second quarter valued at $65,000. Pictet Asset Management Holding SA lifted its stake in shares of Polestar Automotive Holding UK by 74.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock valued at $138,000 after buying an additional 3,194 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Polestar Automotive Holding UK by 171.8% during the first quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock valued at $184,000 after buying an additional 6,300 shares during the last quarter. Finally, SmartHarvest Portfolios LLC acquired a new position in shares of Polestar Automotive Holding UK during the first quarter valued at about $186,000. 1.02% of the stock is currently owned by institutional investors.

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.