Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7.1% – Here’s Why

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price fell 7.1% on Thursday . The company traded as low as $18.92 and last traded at $19.04. 85,352 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 179,280 shares. The stock had previously closed at $20.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented 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 upgraded Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The firm has a market cap of $1.87 billion, a PE ratio of -1.03 and a beta of 1.29. The stock’s fifty day moving average price is $20.22 and its 200-day moving average price is $85.35.

Insiders Place Their Bets

In other Polestar Automotive Holding UK news, Director Winfried Vahland purchased 6,700 shares of the 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 completion of the transaction, the director owned 31,979 shares of the company’s stock, valued at $630,625.88. The trade was a 26.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 4,211 shares of company stock worth $74,450 in the last quarter. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PSNY. Banco Bilbao Vizcaya Argentaria S.A. acquired a new position in shares of Polestar Automotive Holding UK during the 4th quarter worth approximately $160,160,000. UBS Group AG increased its holdings in shares of Polestar Automotive Holding UK by 22.6% in the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after purchasing an additional 443,359 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Polestar Automotive Holding UK during the second quarter worth approximately $326,000. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in Polestar Automotive Holding UK during the fourth quarter worth approximately $3,111,000. Finally, Bank of America Corp DE boosted its stake in Polestar Automotive Holding UK by 128.7% during the third quarter. Bank of America Corp DE now owns 164,594 shares of the company’s stock worth $155,000 after buying an additional 92,621 shares during the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.