Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.5% – Time to Sell?

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 7.5% on Monday . The stock traded as low as $18.45 and last traded at $17.9550. 114,508 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 264,644 shares. The stock had previously closed at $19.42.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, December 29th. Zacks Research raised Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce”.

Polestar Automotive Holding UK Price Performance

The company has a market cap of $1.36 billion, a PE ratio of -0.98 and a beta of 1.34. The stock has a fifty day moving average price of $208.31 and a 200-day moving average price of $614.74.

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. UBS Group AG raised its holdings in shares of Polestar Automotive Holding UK by 22.6% during the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock worth $2,265,000 after acquiring an additional 443,359 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Polestar Automotive Holding UK during the 2nd quarter worth approximately $326,000. Quadrature Capital Ltd raised its holdings 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 valued at $260,000 after purchasing an additional 167,196 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Polestar Automotive Holding UK by 128.7% in the third quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock worth $155,000 after purchasing an additional 92,621 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in Polestar Automotive Holding UK by 18.6% during the second quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock valued at $491,000 after purchasing an additional 72,023 shares during the last quarter. 1.02% of the stock is owned by hedge funds and other 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.