Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7.2% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price fell 7.2% during trading on Thursday . The company traded as low as $18.14 and last traded at $18.7150. Approximately 101,423 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 179,224 shares. The stock had previously closed at $20.17.

Analyst Ratings Changes

Several analysts have issued reports on PSNY shares. Wall Street Zen upgraded Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Weiss Ratings raised shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Polestar Automotive Holding UK presently has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Down 8.3%

The stock has a 50-day moving average of $20.20 and a 200-day moving average of $71.11. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -0.95 and a beta of 1.29.

Insider Buying and Selling at Polestar Automotive Holding UK

In other news, Director Winfried Vahland acquired 6,700 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were purchased at an average cost of $19.72 per share, for a total transaction of $132,124.00. Following the transaction, the director directly owned 31,979 shares in the company, valued at $630,625.88. This trade represents a 26.50% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 4,211 shares of company stock valued at $74,450. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently made changes to their positions in PSNY. EverSource Wealth Advisors LLC increased its holdings in shares of Polestar Automotive Holding UK by 28,277.8% during the first 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. Pictet Asset Management Holding SA boosted its holdings in 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 worth $138,000 after buying an additional 3,194 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in 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 worth $184,000 after buying an additional 6,300 shares in the last quarter. SmartHarvest Portfolios LLC acquired a new position in shares of Polestar Automotive Holding UK in the 1st quarter worth $186,000. Finally, Alpine Global Management LLC purchased a new stake in shares of Polestar Automotive Holding UK in the 4th quarter valued at approximately $219,000. 1.02% of the stock is currently 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.