Polestar Automotive Holding UK (NASDAQ:PSNY) Sets New 12-Month Low - What's Next?

Key Points

• Polestar shares hit a new 52-week low, falling to $6.25 intraday and trading well below their 50-day and 200-day moving averages.
• Analyst sentiment remains negative: PSNY has an average “Sell” rating, with one Hold and two Sell ratings, including a recent downgrade to “Strong Sell.”
• The company reported a wider-than-expected quarterly loss of $3.15 per share and revenue of $680.05 million, missing analyst expectations of $2.19 per share and $878.10 million in revenue.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $6.25 and last traded at $6.1710, with a volume of 26720 shares traded. The stock had previously closed at $6.54.

Analysts Set New Price Targets

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

Polestar Automotive Holding UK Price Performance

The firm has a market capitalization of $580.11 million, a price-to-earnings ratio of -0.32 and a beta of 1.32. The stock has a fifty day moving average of $11.25 and a two-hundred day moving average of $16.40.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last announced its 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 during the quarter, compared to analysts' expectations of $878.10 million. On average, research analysts forecast that Polestar Automotive Holding UK PLC will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nykredit A S acquired a new position in shares of Polestar Automotive Holding UK in the 2nd quarter worth approximately $65,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Polestar Automotive Holding UK during the second quarter worth $277,000. EverSource Wealth Advisors LLC increased its position in shares of Polestar Automotive Holding UK by 28,277.8% during the first 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. California State Teachers Retirement System raised its stake in Polestar Automotive Holding UK by 184.5% during the first quarter. California State Teachers Retirement System now owns 46,546 shares of the company's stock worth $857,000 after buying an additional 30,185 shares during the last quarter. Finally, Swiss National Bank raised its stake in Polestar Automotive Holding UK by 195.4% during the first quarter. Swiss National Bank now owns 88,893 shares of the company's stock worth $1,637,000 after buying an additional 58,800 shares during the last quarter. 1.02% of the stock is owned by institutional investors and hedge funds.

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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