Polestar Automotive Holding UK (NASDAQ:PSNY) Given "Neutral" Rating at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has reaffirmed a "neutral" rating for Polestar Automotive Holding UK (NASDAQ:PSNY), reflecting cautious outlook from investment analysts.
• The company's stock has recently experienced a significant decline, down 17.3% from previous levels, with current trading around $1.10.
• Several institutional investors, including Deutsche Bank and UBS, have recently acquired new positions in Polestar, indicating potential interest despite the stock's downturn.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at Cantor Fitzgerald in a research report issued on Thursday,Benzinga reports.

Polestar Automotive Holding UK Trading Down 1.5%

Shares of NASDAQ PSNY traded down $0.02 during mid-day trading on Thursday, hitting $1.02. The company had a trading volume of 3,911,361 shares, compared to its average volume of 4,373,318. The company has a market capitalization of $2.17 billion, a PE ratio of -1.78 and a beta of 1.43. The firm has a 50-day simple moving average of $1.10 and a two-hundred day simple moving average of $1.08. Polestar Automotive Holding UK has a one year low of $0.84 and a one year high of $1.94.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Polestar Automotive Holding UK during the fourth quarter worth about $33,000. SCS Capital Management LLC bought a new position in Polestar Automotive Holding UK during the first quarter worth about $43,000. Russell Investments Group Ltd. grew its holdings in Polestar Automotive Holding UK by 45.0% during the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company's stock worth $51,000 after purchasing an additional 14,877 shares during the period. Captrust Financial Advisors grew its holdings in Polestar Automotive Holding UK by 43.2% during the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company's stock worth $63,000 after purchasing an additional 17,700 shares during the period. Finally, Focus Partners Wealth bought a new position in Polestar Automotive Holding UK during the first quarter worth about $62,000. Institutional investors own 1.02% of the company's stock.

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.