Polestar Automotive Holding UK (NASDAQ:PSNY) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Polestar Automotive Holding UK (NASDAQ:PSNY) from hold to sell, reinforcing a generally bearish analyst view. MarketBeat notes the stock’s consensus rating is now also Sell.
• PSNY shares closed at $18.70, up $0.74 on the day, but the stock remains well below its 50-day moving average of $20.28 and 200-day moving average of $39.28. The company has a market cap of about $1.75 billion and has traded between $11.75 and $42.60 over the past year.
• Polestar is still posting significant losses, reporting EPS of -$12.47 in its latest quarter on revenue of $817.75 million. Despite the weak fundamentals, insiders have been buying shares recently, including directors Quan (Joe) Zhang and Xiaojie Shen.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Sunday.

Separately, 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. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Polestar Automotive Holding UK presently has a consensus rating of "Sell".

Polestar Automotive Holding UK Stock Performance

Shares of Polestar Automotive Holding UK stock traded up $0.74 on Friday, reaching $18.70. The company had a trading volume of 84,493 shares, compared to its average volume of 126,183. The firm's 50 day moving average price is $20.28 and its two-hundred day moving average price is $39.28. The firm has a market cap of $1.75 billion, a PE ratio of -0.97 and a beta of 1.32. Polestar Automotive Holding UK has a 52-week low of $11.75 and a 52-week high of $42.60.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The company reported ($12.47) EPS for the quarter. The firm had revenue of $817.75 million for the quarter. As a group, sell-side analysts predict that Polestar Automotive Holding UK will post -8.08 EPS for the current year.

Insider Buying and Selling

In other Polestar Automotive Holding UK news, Director Quan (Joe) Zhang purchased 1,700 shares of the business's stock in a transaction on Tuesday, June 30th. The shares were bought at an average cost of $17.70 per share, for a total transaction of $30,090.00. Following the completion of the purchase, the director directly owned 3,300 shares of the company's stock, valued at approximately $58,410. This trade represents a 106.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Xiaojie Shen purchased 2,436 shares of Polestar Automotive Holding UK stock in a transaction dated Monday, June 29th. The shares were acquired at an average cost of $17.31 per share, for a total transaction of $42,167.16. Following the transaction, the director directly owned 7,369 shares of the company's stock, valued at approximately $127,557.39. This represents a 49.38% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 21,829 shares of company stock worth $396,522 and sold 4,211 shares worth $74,450. 0.02% of the stock is owned by insiders.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of hedge funds have recently added to or reduced their stakes in PSNY. EverSource Wealth Advisors LLC lifted its position in shares of Polestar Automotive Holding UK by 28,277.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company's stock worth $47,000 after buying an additional 2,545 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Polestar Automotive Holding UK by 74.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company's stock valued at $138,000 after acquiring an additional 3,194 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Polestar Automotive Holding UK by 171.8% in the first quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company's stock valued at $184,000 after acquiring an additional 6,300 shares during the last quarter. SmartHarvest Portfolios LLC acquired a new position in Polestar Automotive Holding UK in the first quarter valued at $186,000. Finally, Alpine Global Management LLC acquired a new position in Polestar Automotive Holding UK in the fourth quarter valued at $219,000. 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.

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