Swedbank AB Sells 11,367,002 Shares of Polestar Automotive Holding UK PLC $PSNY

Key Points

• Swedbank AB cut its Polestar stake by 96.7% in the fourth quarter, selling 11,367,002 shares and leaving it with 391,821 shares worth about $8.37 million.
• Other institutional investors also adjusted positions in Polestar, but overall institutional ownership remains relatively low at 1.02% of the stock.
• Wall Street sentiment remains cautious: the stock has a consensus Sell rating, with analysts citing mixed to negative views despite a few recent upgrades to Hold.

Swedbank AB lowered its stake in shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Free Report) by 96.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 391,821 shares of the company's stock after selling 11,367,002 shares during the quarter. Swedbank AB owned about 0.55% of Polestar Automotive Holding UK worth $8,373,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Rathbones Group PLC grew its stake in shares of Polestar Automotive Holding UK by 79.1% in the third quarter. Rathbones Group PLC now owns 45,285 shares of the company's stock worth $43,000 after acquiring an additional 20,000 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Polestar Automotive Holding UK by 45.0% in the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company's stock worth $51,000 after acquiring an additional 14,877 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Polestar Automotive Holding UK in the first quarter worth $62,000. Captrust Financial Advisors grew its stake in shares of Polestar Automotive Holding UK by 43.2% in the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company's stock worth $63,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Cresset Asset Management LLC grew its stake in shares of 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. 1.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSNY has been the topic of several research analyst reports. Zacks Research upgraded shares of Polestar Automotive Holding UK from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. Weiss Ratings restated a "sell (e+)" rating on shares of Polestar Automotive Holding UK in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Polestar Automotive Holding UK from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Finally, Cantor Fitzgerald downgraded shares of Polestar Automotive Holding UK from a "neutral" rating to an "underweight" rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Sell".

Polestar Automotive Holding UK Price Performance

Shares of PSNY stock opened at $21.48 on Friday. The stock has a market cap of $2.00 billion, a P/E ratio of -1.10 and a beta of 1.22. Polestar Automotive Holding UK PLC has a one year low of $11.75 and a one year high of $42.60. The stock has a fifty day moving average price of $18.49 and a 200 day moving average price of $217.33.

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.

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