Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.3% - Time to Sell?

Key Points

• Polestar Automotive Holding UK (NASDAQ:PSNY) fell 7.3% in mid-day trading Friday, touching a low of $14.05 and last trading around $13.93 on much lighter-than-average volume.
• Analyst sentiment remains weak: Wall Street Zen downgraded the stock to sell, and MarketBeat reports a current consensus rating of “Sell” with one hold and two sell ratings.
• Despite the price decline, there was some insider and institutional buying recently, including purchases by two directors and several hedge funds, though institutional ownership remains relatively low at 1.02%.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares dropped 7.3% during mid-day trading on Friday . The stock traded as low as $14.05 and last traded at $13.9290. Approximately 14,731 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 177,058 shares. The stock had previously closed at $15.03.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSNY. Wall Street Zen cut Polestar Automotive Holding UK from a "hold" rating to a "sell" rating in a report on Sunday, July 12th. Weiss Ratings raised Polestar Automotive Holding UK from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Polestar Automotive Holding UK presently has a consensus rating of "Sell".

Polestar Automotive Holding UK Price Performance

The stock's 50 day moving average is $19.36 and its two-hundred day moving average is $18.89. The firm has a market capitalization of $1.26 billion, a P/E ratio of -0.71 and a beta of 1.32.

Insider Buying and Selling at Polestar Automotive Holding UK

In related news, Director Karl-Thomas Neumann bought 2,009 shares of Polestar Automotive Holding UK stock in a transaction on Monday, June 29th. The shares were purchased at an average price of $16.93 per share, for a total transaction of $34,012.37. Following the completion of the acquisition, the director owned 7,998 shares in the company, valued at approximately $135,406.14. This represents a 33.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Francesca Paola Leandr Gamboni bought 1,709 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were bought at an average price of $17.56 per share, with a total value of $30,010.04. Following the completion of the transaction, the director directly owned 4,792 shares in the company, valued at approximately $84,147.52. This trade represents a 55.43% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 21,829 shares of company stock valued at $396,522 and sold 4,211 shares valued at $74,450. 0.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PSNY. Goldman Sachs Group Inc. grew its holdings in shares of Polestar Automotive Holding UK by 12.2% in the 1st 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 period. Focus Partners Wealth bought a new position in shares of Polestar Automotive Holding UK during the 1st quarter valued at about $62,000. Russell Investments Group Ltd. raised its holdings in Polestar Automotive Holding UK by 45.0% during the 2nd 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 during the period. Cresset Asset Management LLC lifted its stake in Polestar Automotive Holding UK by 26.7% in the second quarter. Cresset Asset Management LLC now owns 83,504 shares of the company's stock valued at $89,000 after buying an additional 17,590 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Polestar Automotive Holding UK in the second quarter valued at approximately $326,000. Institutional investors and hedge funds own 1.02% of the company's stock.

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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