Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 8.3% – What’s Next?

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares dropped 8.3% on Tuesday . The company traded as low as $16.92 and last traded at $16.9090. Approximately 37,035 shares were traded during trading, a decline of 85% from the average daily volume of 251,423 shares. The stock had previously closed at $18.44.

Wall Street Analyst Weigh In

PSNY has been the topic of a number of research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Monday, December 29th. Zacks Research raised shares of Polestar Automotive Holding UK from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $1.20 billion, a P/E ratio of -0.86 and a beta of 1.33. The firm has a 50 day moving average price of $146.36 and a 200-day moving average price of $574.52.

Institutional Trading of Polestar Automotive Holding UK

Institutional investors and hedge funds have recently modified their holdings of the company. UBS Group AG boosted its holdings in shares of Polestar Automotive Holding UK by 22.6% during the 3rd 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 during the period. The Manufacturers Life Insurance Company bought a new position in Polestar Automotive Holding UK in the 2nd quarter worth $326,000. Quadrature Capital Ltd lifted its position in Polestar Automotive Holding UK by 224.7% during the 2nd 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 last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Polestar Automotive Holding UK during the fourth quarter valued at about $3,111,000. Finally, Bank of America Corp DE boosted its holdings 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 valued at $155,000 after acquiring an additional 92,621 shares during the period. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.