Polestar Automotive Holding UK (NASDAQ:PSNYW) Shares Down 11.3% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNYW)’s share price traded down 11.3% on Tuesday . The stock traded as low as $5.10 and last traded at $5.10. Approximately 55,090 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 99,009 shares. The stock had previously closed at $5.75.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, August 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The company’s 50-day simple moving average is $2.96 and its 200-day simple moving average is $3.31.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A hedge fund recently bought a new stake in Polestar Automotive Holding UK stock. Boothbay Fund Management LLC bought a new stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNYW) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 80,000 shares of the company’s stock, valued at approximately $510,000.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK plc is a special-purpose acquisition company (SPAC) incorporated in the United Kingdom with the primary objective of effecting a business combination, share exchange, asset acquisition or similar merger transaction with one or more businesses in the automotive sector. The company’s management team, supported by affiliates of The Gores Group and Guggenheim Partners, completed its initial public offering in mid-2021 and its units trade on the Nasdaq under the symbol PSNYW.

The SPAC was specifically formed to combine with Polestar Performance AB, the electric performance carmaker backed by Volvo Cars and Zhejiang Geely Holding Group.