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

Key Points

• Shares gapped down — PSNY opened at $17.00 after a $19.43 close and last traded at $18.7330 on a volume of 29,047 shares.
• Analyst sentiment is negative with a consensus "Sell": one Hold and two Sell ratings overall, including a recent downgrade to underweight from Cantor Fitzgerald despite a few upgrades to Hold from other firms.
• Key fundamentals show a market cap of $1.85 billion and a negative P/E of -1.01, while institutional ownership is very low at about 1.02%.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $19.43, but opened at $17.00. Polestar Automotive Holding UK shares last traded at $18.7330, with a volume of 29,047 shares trading hands.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Stock Performance

The stock has a market capitalization of $1.85 billion, a PE ratio of -1.01 and a beta of 1.22. The firm has a 50 day moving average of $18.48 and a 200-day moving average of $222.80.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently modified their holdings of PSNY. Rathbones Group PLC raised its stake in shares of Polestar Automotive Holding UK by 79.1% during the 3rd quarter. Rathbones Group PLC now owns 45,285 shares of the company's stock worth $43,000 after purchasing an additional 20,000 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Polestar Automotive Holding UK by 45.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company's stock valued at $51,000 after buying an additional 14,877 shares during the last quarter. Focus Partners Wealth acquired a new position in Polestar Automotive Holding UK in the 1st quarter valued at $62,000. Captrust Financial Advisors grew its stake in Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company's stock valued at $63,000 after buying an additional 17,700 shares during the last quarter. Finally, Cresset Asset Management LLC increased its position in Polestar Automotive Holding UK by 26.7% during 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 period. 1.02% of the stock is currently owned by hedge funds and other institutional investors.

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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