Polestar Automotive Holding UK (NASDAQ:PSNY) Reaches New 12-Month Low - Time to Sell?

Key Points

• Polestar Automotive Holding UK PLC shares hit a new 52-week low of $0.84, closing at $0.85 with a trading volume of over 5 million shares.
• Analysts have given Polestar a consensus rating of "Reduce", with a target price of $1.25, as one rating was downgraded to "sell" by Wall Street Zen.
• Despite reporting a smaller loss than expected for the last quarter, Polestar's revenue of $790.79 million fell short of analyst predictions of $850 million.

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $0.84 and last traded at $0.85, with a volume of 5044254 shares trading hands. The stock had previously closed at $0.88.

Analyst Upgrades and Downgrades

Several analysts recently commented on PSNY shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Polestar Automotive Holding UK in a research report on Wednesday, October 8th. Cantor Fitzgerald restated a "neutral" rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Finally, Wall Street Zen cut shares of Polestar Automotive Holding UK from a "hold" rating to a "sell" rating in a report on Saturday, October 4th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $1.25.

Polestar Automotive Holding UK Stock Down 4.3%

The company has a fifty day moving average of $1.02 and a two-hundred day moving average of $1.05. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -1.48 and a beta of 1.36.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last issued its earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $790.79 million during the quarter, compared to analysts' expectations of $850.00 million. Equities analysts anticipate that Polestar Automotive Holding UK PLC will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Large investors have recently modified their holdings of the business. Teacher Retirement System of Texas boosted its stake in shares of Polestar Automotive Holding UK by 71.3% in the first quarter. Teacher Retirement System of Texas now owns 188,404 shares of the company's stock valued at $198,000 after buying an additional 78,434 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Polestar Automotive Holding UK during the 1st quarter worth $85,000. Deutsche Bank AG grew its stake in shares of Polestar Automotive Holding UK by 22.5% during the 1st quarter. Deutsche Bank AG now owns 794,873 shares of the company's stock worth $835,000 after purchasing an additional 146,107 shares during the period. Invesco Ltd. increased its holdings in shares of Polestar Automotive Holding UK by 1,096.8% in the 1st quarter. Invesco Ltd. now owns 146,238 shares of the company's stock valued at $154,000 after purchasing an additional 134,019 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Polestar Automotive Holding UK by 61.2% in the 1st quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company's stock valued at $472,000 after purchasing an additional 170,563 shares in the last quarter. 1.02% of the stock is owned by hedge funds and other institutional investors.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.

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