Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.9% - Should You Sell?

Key Points

• Polestar Automotive Holding UK (NASDAQ: PSNY) shares dropped 4.9% to $0.84 during trading on Monday, with a total of approximately 3.5 million shares exchanged, indicating a decrease in trading volume.
• Wall Street analysts have issued mixed ratings for the stock; Weiss Ratings reiterated a "sell" rating, while Cantor Fitzgerald maintained a "neutral" rating, leading to an average target price of $1.25.
• Polestar recently reported earnings of ($0.10) per share for the quarter, exceeding expectations but generating revenue of $790.79 million, less than the anticipated $850 million.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) dropped 4.9% during trading on Monday . The stock traded as low as $0.85 and last traded at $0.84. Approximately 3,502,649 shares were traded during trading, a decline of 17% from the average daily volume of 4,220,393 shares. The stock had previously closed at $0.88.

Wall Street Analysts Forecast Growth

PSNY has been the topic of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Polestar Automotive Holding UK in a report on Wednesday, October 8th. Wall Street Zen cut shares of Polestar Automotive Holding UK from a "hold" rating to a "sell" rating in a research report on Saturday, October 4th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Polestar Automotive Holding UK presently has an average rating of "Reduce" and an average target price of $1.25.

Polestar Automotive Holding UK Price Performance

The company has a market capitalization of $1.81 billion, a PE ratio of -1.48 and a beta of 1.36. The stock's 50 day simple moving average is $1.02 and its 200-day simple moving average is $1.05.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $790.79 million for the quarter, compared to analysts' expectations of $850.00 million. On average, equities analysts predict that Polestar Automotive Holding UK PLC will post -0.59 earnings per share for the current year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its position in shares of 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 buying an additional 14,877 shares in the last quarter. Cresset Asset Management LLC grew its position in shares of 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 buying an additional 17,590 shares in the last quarter. Captrust Financial Advisors grew its position in shares of 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 buying an additional 17,700 shares in the last quarter. SCS Capital Management LLC acquired a new position in shares of Polestar Automotive Holding UK during the first quarter worth about $43,000. Finally, Rafferty Asset Management LLC grew its position in shares of Polestar Automotive Holding UK by 99.1% during the second quarter. Rafferty Asset Management LLC now owns 106,630 shares of the company's stock worth $114,000 after buying an additional 53,086 shares in the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

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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