Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 12-Month Low – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) hit a new 52-week low during trading on Thursday . The company traded as low as $7.80 and last traded at $7.96, with a volume of 596794 shares trading hands. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

PSNY has been the subject of a number of recent research reports. Wall Street Zen lowered shares of Polestar Automotive Holding UK from a “sell” rating to a “strong sell” rating in a report on Saturday, September 5th. Weiss Ratings cut shares of Polestar Automotive Holding UK from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 25th. Finally, Cantor Fitzgerald reissued an “underweight” rating on shares of Polestar Automotive Holding UK in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The firm has a 50-day moving average of $14.24 and a 200-day moving average of $17.55. The firm has a market capitalization of $742.99 million, a P/E ratio of -0.41 and a beta of 1.32.

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

Insider Activity at Polestar Automotive Holding UK

In other news, Director Cynthia S. Dubin acquired 1,275 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were purchased at an average price of $20.72 per share, for a total transaction of $26,418.00. Following the completion of the transaction, the director owned 3,195 shares of the company’s stock, valued at $66,200.40. The trade was a 66.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Quan (Joe) Zhang acquired 1,700 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of $17.70 per share, for a total transaction of $30,090.00. Following the transaction, the director directly owned 3,300 shares of the company’s stock, valued at approximately $58,410. This trade represents a 106.25% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 15,129 shares of company stock worth $264,398 over the last ninety days. Insiders own 0.02% of the company’s stock.

Institutional Trading of Polestar Automotive Holding UK

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