Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 7.2% – Time to Sell?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PSNY shares. Weiss Ratings raised Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. Wall Street Zen raised shares of Polestar Automotive Holding UK from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Polestar Automotive Holding UK Stock Performance

The stock has a market cap of $1.73 billion, a P/E ratio of -0.95 and a beta of 1.29. The firm has a 50 day moving average of $20.20 and a two-hundred day moving average of $71.11.

Insider Activity at Polestar Automotive Holding UK

In other Polestar Automotive Holding UK news, Director Winfried Vahland acquired 6,700 shares of Polestar Automotive Holding UK stock in a transaction dated Monday, June 1st. The stock was bought at an average cost of $19.72 per share, with a total value 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 4,211 shares of company stock worth $74,450 in the last three months. 0.02% of the stock is owned by insiders.

Institutional Trading of Polestar Automotive Holding UK

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