Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 4% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) traded down 4% during trading on Wednesday . The company traded as low as $16.95 and last traded at $16.9850. 98,732 shares were traded during trading, a decline of 60% from the average session volume of 244,005 shares. The stock had previously closed at $17.70.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PSNY shares. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research report on Monday, December 29th. Zacks Research raised shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Cantor Fitzgerald cut shares of Polestar Automotive Holding UK from a “neutral” rating to an “underweight” rating in a research note 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. Based on data from MarketBeat.com, Polestar Automotive Holding UK presently has an average rating of “Sell”.

Polestar Automotive Holding UK Trading Up 0.2%

The stock has a market cap of $1.22 billion, a PE ratio of -0.88 and a beta of 1.23. The business has a 50-day moving average price of $17.63 and a 200 day moving average price of $388.73.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several large investors have recently modified their holdings of the business. Alpine Global Management LLC bought a new stake in shares of Polestar Automotive Holding UK in the fourth quarter valued at approximately $219,000. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in Polestar Automotive Holding UK in the 4th quarter worth approximately $160,160,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Polestar Automotive Holding UK in the 4th quarter valued at approximately $522,000. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in Polestar Automotive Holding UK in the 4th quarter valued at approximately $3,111,000. Finally, JPMorgan Chase & Co. raised its holdings in Polestar Automotive Holding UK by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 167,188 shares of the company’s stock valued at $157,000 after acquiring an additional 10,780 shares during the period. Hedge funds and other institutional investors own 1.02% of the company’s stock.

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.