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

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down before the market opened on Tuesday . The stock had previously closed at $1.29, but opened at $1.25. Polestar Automotive Holding UK shares last traded at $1.31, with a volume of 458,598 shares.

Analyst Upgrades and Downgrades

PSNY has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $1.50 price objective on shares of Polestar Automotive Holding UK in a report on Tuesday, September 10th. Barclays lowered their price target on shares of Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating for the company in a research note on Wednesday, July 3rd. Piper Sandler reduced their price objective on Polestar Automotive Holding UK from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Sanford C. Bernstein boosted their target price on Polestar Automotive Holding UK from $0.74 to $0.78 and gave the company an “underperform” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $3.00 price target on shares of Polestar Automotive Holding UK in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Polestar Automotive Holding UK has a consensus rating of “Hold” and a consensus target price of $1.58.

Polestar Automotive Holding UK Price Performance

The stock has a market capitalization of $2.67 billion, a PE ratio of -2.19 and a beta of 1.48. The company has a 50 day moving average price of $1.37 and a 200-day moving average price of $1.12.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.35) earnings per share for the quarter. The company had revenue of $534.12 million during the quarter. As a group, equities analysts anticipate that Polestar Automotive Holding UK PLC will post -0.53 earnings per share for the current year.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AMF Tjanstepension AB grew its position in Polestar Automotive Holding UK by 399.3% during the 2nd quarter. AMF Tjanstepension AB now owns 21,971,866 shares of the company’s stock valued at $17,283,000 after purchasing an additional 17,571,426 shares during the last quarter. Swedbank AB purchased a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $9,235,000. Tredje AP fonden bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $3,091,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $1,321,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Polestar Automotive Holding UK in the 2nd quarter worth approximately $518,000. Hedge funds and other institutional investors own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.