Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down - Should You Sell?

Key Points

• Shares of Polestar gapped down, opening at $0.58 and last trading at $0.5830 on heavy volume (917,355), roughly down 5.5% from the prior close.
• Analyst sentiment is negative — several downgrades (including Zacks, Weiss and Wall Street Zen) leave the stock with a MarketBeat consensus rating of "Sell".
• The company will implement a 1-for-30 reverse split effective December 30, with share counts adjusted after the close on December 29.

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $0.60, but opened at $0.58. Polestar Automotive Holding UK shares last traded at $0.5830, with a volume of 917,355 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PSNY. Cantor Fitzgerald restated a "neutral" rating on shares of Polestar Automotive Holding UK in a research note on Thursday, September 4th. Zacks Research lowered shares of Polestar Automotive Holding UK from a "hold" rating to a "strong sell" rating in a research report on Friday, November 14th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Polestar Automotive Holding UK in a report on Tuesday, November 25th. Finally, Wall Street Zen lowered shares of Polestar Automotive Holding UK from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Sell".

Polestar Automotive Holding UK Trading Down 5.5%

The company has a fifty day moving average of $0.76 and a 200-day moving average of $0.97. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -0.88 and a beta of 1.37.

Shares of Polestar Automotive Holding UK are set to reverse split on the morning of Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 29th.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds have recently made changes to their positions in PSNY. Deutsche Bank AG grew its holdings 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. raised its holdings in 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 buying an additional 134,019 shares during the period. Goldman Sachs Group Inc. lifted its position in Polestar Automotive Holding UK by 12.2% in the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company's stock valued at $555,000 after buying an additional 57,717 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Polestar Automotive Holding UK by 61.2% during the first quarter. Advisors Asset Management Inc. now owns 449,227 shares of the company's stock worth $472,000 after buying an additional 170,563 shares during the period. Finally, SCS Capital Management LLC acquired a new stake in shares of Polestar Automotive Holding UK during the first quarter valued at about $43,000. Hedge funds and other 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.

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