Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 1-Year Low - Here's Why

Key Points

• Polestar shares fell to a new 52-week low of $7.25 and were last down 1.1% at $7.32, well below their 50-day and 200-day moving averages.
• The decline followed disappointing quarterly results: Polestar reported an adjusted loss of $3.15 per share versus the $2.19 consensus estimate, while revenue of $680.05 million missed expectations of $878.10 million.
• Analyst sentiment remains negative, with the stock receiving an average rating of “Sell” from three analysts. Insiders have purchased shares recently, but insider ownership remains minimal at 0.02%.

Shares of Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $7.25 and last traded at $7.32, with a volume of 363630 shares. The stock had previously closed at $7.40.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Cantor Fitzgerald restated an "underweight" rating on shares of Polestar Automotive Holding UK in a research report on Friday, September 4th. Wall Street Zen cut Polestar Automotive Holding UK from a "sell" rating to a "strong sell" rating in a research report on Saturday, September 5th. Finally, Weiss Ratings raised Polestar Automotive Holding UK from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, September 8th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Sell".

Polestar Automotive Holding UK Stock Down 1.1%

The company has a market capitalization of $683.25 million, a PE ratio of -0.38 and a beta of 1.32. The company's 50 day moving average is $13.24 and its two-hundred day moving average is $17.24.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last announced its quarterly earnings results on Thursday, September 3rd. The company reported ($3.15) EPS for the quarter, missing the consensus estimate of ($2.19) by ($0.96). The business had revenue of $680.05 million for the quarter, compared to analyst estimates of $878.10 million. Analysts forecast that Polestar Automotive Holding UK PLC will post -0.4 EPS for the current year.

Insider Buying and Selling

In other news, Director Karl-Thomas Neumann purchased 2,009 shares of the business's stock in a transaction on Monday, June 29th. The stock was acquired at an average price of $16.93 per share, for a total transaction of $34,012.37. Following the acquisition, the director directly owned 7,998 shares of the company's stock, valued at $135,406.14. This represents a 33.54% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Francesca Paola Leandr Gamboni acquired 1,709 shares of Polestar Automotive Holding UK stock in a transaction on Tuesday, June 30th. The stock was purchased at an average cost of $17.56 per share, for a total transaction of $30,010.04. Following the purchase, the director owned 4,792 shares in the company, valued at approximately $84,147.52. The trade was a 55.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 15,129 shares of company stock valued at $264,398 in the last ninety days. Company insiders own 0.02% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Polestar Automotive Holding UK by 28,277.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company's stock worth $47,000 after buying an additional 2,545 shares during the period. Pictet Asset Management Holding SA raised its position in Polestar Automotive Holding UK by 74.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company's stock worth $138,000 after buying an additional 3,194 shares during the last quarter. Nykredit A S acquired a new stake in Polestar Automotive Holding UK during the 2nd quarter valued at approximately $65,000. Public Employees Retirement System of Ohio lifted its stake in Polestar Automotive Holding UK by 171.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company's stock valued at $184,000 after acquiring an additional 6,300 shares during the period. Finally, SmartHarvest Portfolios LLC purchased a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at $186,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC is a Swedish-founded electric vehicle company that designs, develops and sells premium electric cars. The company focuses on combining Scandinavian design, performance and digital technology, with vehicles marketed under the Polestar brand.

Polestar's product lineup includes the Polestar 2 electric fastback, the Polestar 3 electric performance SUV and the Polestar 4 electric SUV coupe. The company is also developing additional models, including the Polestar 5 grand touring car and Polestar 6 electric roadster.

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