Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 7.5% – Should You Sell?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s stock price fell 7.5% during trading on Monday . The stock traded as low as $18.45 and last traded at $17.9550. 114,508 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 264,644 shares. The stock had previously closed at $19.42.

Analyst Ratings Changes

A number of brokerages have weighed in on PSNY. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a research note on Monday, December 29th. Zacks Research upgraded Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Polestar Automotive Holding UK currently has a consensus rating of “Reduce”.

Polestar Automotive Holding UK Stock Up 2.0%

The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -0.98 and a beta of 1.33. The stock has a 50 day moving average of $177.48 and a 200 day moving average of $596.99.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its holdings in shares of Polestar Automotive Holding UK by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock worth $555,000 after purchasing an additional 57,717 shares during the period. Focus Partners Wealth bought a new stake in shares of Polestar Automotive Holding UK during the 1st quarter valued at about $62,000. Russell Investments Group Ltd. grew its position in shares of Polestar Automotive Holding UK by 45.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock valued at $51,000 after buying an additional 14,877 shares during the last quarter. Quadrature Capital Ltd raised its stake in Polestar Automotive Holding UK by 224.7% during the second quarter. Quadrature Capital Ltd now owns 241,593 shares of the company’s stock worth $260,000 after acquiring an additional 167,196 shares during the period. Finally, Cresset Asset Management LLC lifted its holdings in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company’s stock worth $89,000 after acquiring an additional 17,590 shares during the last quarter. Institutional investors and hedge funds own 1.02% of the company’s stock.

Polestar Automotive Holding UK Company Profile

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.