Polestar Automotive Holding UK (NASDAQ:PSNY) Sets New 52-Week Low - Here's Why

Key Points

• Polestar shares fell to a new 52-week low of $6.87, with the stock down 0.6% and trading well below its 50-day and 200-day moving averages.
• Analysts maintain a bearish view, with a consensus rating of “Sell”; recent coverage included a downgrade to “strong sell” and an reaffirmed “underweight” rating.
• Polestar’s latest quarterly results missed expectations, reporting an adjusted loss of $3.15 per share versus estimates of $2.19 and revenue of $680.05 million versus the $878.10 million consensus.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report)'s share price reached a new 52-week low during trading on Friday. The stock traded as low as $6.87 and last traded at $6.93, with a volume of 195809 shares. The stock had previously closed at $6.97.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen cut 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 note on Friday, September 4th. 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, Polestar Automotive Holding UK currently has a consensus rating of "Sell".

Polestar Automotive Holding UK Stock Down 0.6%

The company has a market cap of $646.85 million, a PE ratio of -0.36 and a beta of 1.32. The stock has a 50-day simple moving average of $11.90 and a 200 day simple moving average of $16.67.

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

Insider Activity

In other news, Director Quan (Joe) Zhang purchased 1,700 shares of the stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average cost of $17.70 per share, for a total transaction of $30,090.00. Following the completion of the transaction, the director directly owned 3,300 shares in the company, valued at approximately $58,410. This represents a 106.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Xiaojie (Laura) Shen acquired 2,436 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was purchased at an average price of $17.31 per share, for a total transaction of $42,167.16. Following the acquisition, the director directly owned 7,369 shares in the company, valued at approximately $127,557.39. This trade represents a 49.38% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 15,129 shares of company stock worth $264,398 in the last three months. 0.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Polestar Automotive Holding UK

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Nykredit A S purchased a new stake in Polestar Automotive Holding UK during the 2nd quarter worth approximately $65,000. Public Employees Retirement System of Ohio acquired a new position in shares of Polestar Automotive Holding UK in 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 acquiring an additional 2,545 shares during the period. California State Teachers Retirement System raised its stake in shares of Polestar Automotive Holding UK by 184.5% in the first quarter. California State Teachers Retirement System now owns 46,546 shares of the company's stock valued at $857,000 after acquiring an additional 30,185 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Polestar Automotive Holding UK by 195.4% in the first quarter. Swiss National Bank now owns 88,893 shares of the company's stock valued at $1,637,000 after purchasing an additional 58,800 shares during the period. 1.02% of the stock is currently 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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