Polestar Automotive Holding UK (NASDAQ:PSNY) Hits New 1-Year Low - What's Next?

Key Points

• Polestar shares hit a new 52-week low, falling 2.8% to about $5.93 and trading well below their 50-day and 200-day moving averages.
• Analyst sentiment is strongly negative: Wall Street Zen and Weiss Ratings downgraded the stock, Cantor Fitzgerald maintained an “underweight” rating, and the consensus rating is “Sell.”
• Polestar reported weaker-than-expected quarterly results, with an EPS loss of $3.15 versus the $2.19 estimate and revenue of $680.05 million versus $878.10 million expected.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report)'s share price hit a new 52-week low on Wednesday. The company traded as low as $5.89 and last traded at $5.93, with a volume of 221654 shares. The stock had previously closed at $6.10.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSNY. Wall Street Zen downgraded Polestar Automotive Holding UK from a "sell" rating to a "strong sell" rating in a report on Saturday, September 5th. Cantor Fitzgerald reaffirmed an "underweight" rating on shares of Polestar Automotive Holding UK in a research report on Friday, September 4th. Finally, Weiss Ratings lowered shares of Polestar Automotive Holding UK from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Sell".

Polestar Automotive Holding UK Trading Down 2.8%

The business has a 50 day simple moving average of $10.60 and a two-hundred day simple moving average of $16.09. The stock has a market cap of $553.49 million, a price-to-earnings ratio of -0.40 and a beta of 1.44.

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

Institutional Trading of Polestar Automotive Holding UK

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

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC is the holding company of Polestar, a global electric vehicle brand founded in 2017 through a partnership involving Volvo Cars and Geely. The company is headquartered in Gothenburg, Sweden, and focuses on designing, developing and selling premium electric performance vehicles.

Polestar's vehicle lineup has included the Polestar 2 fastback, an all-electric compact premium car; the Polestar 3 electric performance SUV; and the Polestar 4 electric SUV coupe.

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