Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Target Lowered at Barclays

Key Points

• Barclays cut Polestar’s price target from $15 to $5 and maintained an “underweight” rating, implying about 7% downside from the stock’s $5.38 closing price.
• Analyst sentiment is broadly negative: Polestar has a consensus rating of “Strong Sell”, based on one Hold and three Sell ratings, with a consensus target price of $5.
• Polestar’s latest quarterly results missed expectations, reporting a $3.15 per-share loss versus the expected $2.19 loss and revenue of $680.05 million against estimates of $878.10 million.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) had its price objective dropped by Barclays from $15.00 to $5.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Barclays's price target points to a potential downside of 7.06% from the company's current price.

Several other brokerages also recently issued reports on PSNY. Cantor Fitzgerald reissued an "underweight" rating on shares of Polestar Automotive Holding UK in a research report on Friday. Wall Street Zen cut shares of Polestar Automotive Holding UK from a "sell" rating to a "strong sell" rating in a research report on Saturday, September 5th. Finally, Weiss Ratings lowered shares of Polestar Automotive Holding UK from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, October 2nd. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Polestar Automotive Holding UK presently has a consensus rating of "Strong Sell" and a consensus target price of $5.00.

Polestar Automotive Holding UK Stock Performance

NASDAQ:PSNY traded up $0.07 during trading hours on Friday, reaching $5.38. The company's stock had a trading volume of 139,676 shares, compared to its average volume of 192,875. Polestar Automotive Holding UK has a 1 year low of $4.96 and a 1 year high of $29.10. The firm has a 50-day simple moving average of $10.27 and a 200-day simple moving average of $15.93. The firm has a market capitalization of $502.17 million, a price-to-earnings ratio of -0.36 and a beta of 1.44.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last released its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) earnings per share for the quarter, missing analysts' consensus estimates of ($2.19) by ($0.96). The firm had revenue of $680.05 million for the quarter, compared to analyst estimates of $878.10 million. Equities analysts anticipate that Polestar Automotive Holding UK will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors and hedge funds have recently bought and sold shares of PSNY. Nykredit A S bought a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at $65,000. Public Employees Retirement System of Ohio purchased a new position in Polestar Automotive Holding UK during the second quarter worth approximately $277,000. EverSource Wealth Advisors LLC increased its stake in Polestar Automotive Holding UK by 28,277.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company's stock worth $47,000 after acquiring an additional 2,545 shares during the last quarter. California State Teachers Retirement System increased its holdings in Polestar Automotive Holding UK by 184.5% in the first quarter. California State Teachers Retirement System now owns 46,546 shares of the company's stock valued at $857,000 after buying an additional 30,185 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Polestar Automotive Holding UK by 195.4% during the 1st quarter. Swiss National Bank now owns 88,893 shares of the company's stock worth $1,637,000 after purchasing an additional 58,800 shares in the last quarter. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK PLC is the holding company of Polestar, a global electric vehicle brand founded in 2017 through a partnership involving Volvo Cars and Geely. The company is headquartered in Gothenburg, Sweden, and focuses on designing, developing and selling premium electric performance vehicles.

Polestar's vehicle lineup has included the Polestar 2 fastback, an all-electric compact premium car; the Polestar 3 electric performance SUV; and the Polestar 4 electric SUV coupe.

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