Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 7.1% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price dropped 7.1% during trading on Monday . The company traded as low as $21.03 and last traded at $21.63. Approximately 94,232 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 252,962 shares. The stock had previously closed at $23.28.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PSNY shares. Zacks Research upgraded shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Finally, Cantor Fitzgerald cut shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The business’s 50-day moving average is $76.34 and its 200 day moving average is $515.62. The firm has a market capitalization of $1.54 billion, a P/E ratio of -1.11 and a beta of 1.23.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in Polestar Automotive Holding UK by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after purchasing an additional 57,717 shares during the period. Focus Partners Wealth purchased a new position in Polestar Automotive Holding UK in the first quarter valued at approximately $62,000. Russell Investments Group Ltd. lifted its holdings in 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 valued at $51,000 after purchasing an additional 14,877 shares during the last quarter. Quadrature Capital Ltd raised its holdings in Polestar Automotive Holding UK by 224.7% during the 2nd quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock valued at $260,000 after acquiring an additional 167,196 shares during the period. Finally, Cresset Asset Management LLC lifted its holdings in Polestar Automotive Holding UK by 26.7% during the 2nd 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 in the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

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.