Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 6.6% - What's Next?

Key Points

• Polestar shares fell 6.6% to $8.3450 in midday trading, with volume down 77% from its average; the stock remains well below its 50-day and 200-day moving averages.
• Analysts maintain a bearish outlook, with one Hold and two Sell ratings for an overall “Sell” consensus. Polestar’s latest quarterly results missed expectations, reporting a $3.15 loss per share and $680.05 million in revenue versus an $878.10 million estimate.
• Despite the weak performance, insiders bought 15,129 shares worth $264,398 over the past 90 days, while institutional investors own only 1.02% of the company.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares were down 6.6% on Wednesday . The company traded as low as $8.31 and last traded at $8.3450. 42,044 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 182,134 shares. The stock had previously closed at $8.93.

Wall Street Analyst Weigh In

PSNY has been the topic of several research reports. Weiss Ratings lowered Polestar Automotive Holding UK from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 25th. Wall Street Zen lowered Polestar Automotive Holding UK from a "sell" rating to a "strong sell" rating in a research note on Saturday. Finally, Cantor Fitzgerald restated an "underweight" rating on shares of Polestar Automotive Holding UK in a report on Friday, September 4th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Sell".

Polestar Automotive Holding UK Stock Down 9.3%

The firm has a 50 day moving average price of $14.49 and a two-hundred day moving average price of $17.62. The company has a market capitalization of $756.12 million, a price-to-earnings ratio of -0.42 and a beta of 1.32.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last released 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 company had revenue of $680.05 million during the quarter, compared to analyst estimates of $878.10 million. Analysts predict that Polestar Automotive Holding UK PLC will post -8.08 earnings per share for the current year.

Insider Buying and Selling

In other Polestar Automotive Holding UK news, Director Quan (Joe) Zhang bought 1,700 shares of Polestar Automotive Holding UK stock in a transaction dated Tuesday, June 30th. The stock was bought at an average cost of $17.70 per share, for a total transaction of $30,090.00. Following the purchase, the director owned 3,300 shares in the company, valued at $58,410. This represents a 106.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karl-Thomas Neumann purchased 2,009 shares of the company's stock in a transaction that occurred on Monday, June 29th. The stock was bought at an average price of $16.93 per share, with a total value of $34,012.37. Following the purchase, the director owned 7,998 shares of the company's stock, valued at approximately $135,406.14. The trade was a 33.54% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 15,129 shares of company stock worth $264,398 over the last 90 days. 0.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Polestar Automotive Holding UK

A number of institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings 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 worth $47,000 after buying an additional 2,545 shares during the last quarter. Nykredit A S acquired a new stake in shares of Polestar Automotive Holding UK during the 2nd quarter valued at approximately $65,000. Pictet Asset Management Holding SA lifted its stake in Polestar Automotive Holding UK by 74.8% during the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company's stock worth $138,000 after purchasing an additional 3,194 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Polestar Automotive Holding UK by 171.8% in 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 period. Finally, SmartHarvest Portfolios LLC bought a new stake in Polestar Automotive Holding UK during the first quarter valued at $186,000. Institutional investors and hedge funds 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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