Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 8% - Here's What Happened

Key Points

• Polestar (PSNY) fell about 8% on Friday to around $18.87 (intraday low $18.16) with ~93,790 shares traded, a 56% drop from its average daily volume and down from a $20.50 close.
• Analysts hold a consensus "Sell" rating (one Hold, two Sell); recent notes include Weiss Ratings reiterating a sell, Zacks moving to Hold from Strong Sell, and Cantor Fitzgerald downgrading to Underweight.
• Company fundamentals: market cap ~$1.29 billion, negative PE of -0.93, a 50-day moving average of $18.43 (200-day listed at $298.80), and only about 1.02% institutional ownership.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) dropped 8% on Friday . The company traded as low as $18.16 and last traded at $18.8690. Approximately 93,790 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 213,625 shares. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSNY shares. Weiss Ratings restated a "sell (e+)" rating on shares of Polestar Automotive Holding UK in a research report on Friday, March 27th. Zacks Research raised Polestar Automotive Holding UK from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. Finally, Cantor Fitzgerald downgraded shares of Polestar Automotive Holding UK from a "neutral" rating to an "underweight" rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Polestar Automotive Holding UK has a consensus rating of "Sell".

Polestar Automotive Holding UK Trading Down 11.9%

The business has a fifty day moving average of $18.43 and a 200-day moving average of $298.80. The company has a market cap of $1.29 billion, a PE ratio of -0.93 and a beta of 1.29.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cresset Asset Management LLC boosted its holdings 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 acquiring an additional 17,590 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in Polestar Automotive Holding UK by 99.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 106,630 shares of the company's stock worth $114,000 after purchasing an additional 53,086 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Polestar Automotive Holding UK by 128.7% in the 3rd quarter. Bank of America Corp DE now owns 164,594 shares of the company's stock worth $155,000 after purchasing an additional 92,621 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at about $326,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Polestar Automotive Holding UK during the 4th quarter valued at about $522,000. Institutional investors own 1.02% of the company's stock.

About Polestar Automotive Holding UK

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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