Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Up 1.5% - Here's What Happened

Key Points

• Polestar shares rose 1.5% to $4.10 in Friday trading, though volume was about 50% below the average daily level.
• Analyst sentiment remains highly bearish: the stock has a consensus rating of “Strong Sell”, with three Sell ratings and one Hold rating; Barclays also cut its price target to $5 from $15.
• Polestar reported a quarterly loss of $3.15 per share, missing the $2.19 consensus estimate, while revenue of $680.05 million fell short of expectations of $878.10 million.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) shares shot up 1.5% on Friday. The company traded as high as $4.17 and last traded at $4.10. Approximately 158,129 shares traded hands during trading, a decline of 50% from the average daily volume of 317,274 shares. The stock had previously closed at $4.04.

Wall Street Analyst Weigh In

PSNY has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an "underweight" rating on shares of Polestar Automotive Holding UK in a report on Friday, October 9th. Wall Street Zen downgraded Polestar Automotive Holding UK from a "sell" rating to a "strong sell" rating in a research report on Saturday, September 5th. Barclays lowered their price objective on Polestar Automotive Holding UK from $15.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, October 9th. Finally, Weiss Ratings lowered Polestar Automotive Holding UK from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 2nd. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Strong Sell" and an average price target of $5.00.

Polestar Automotive Holding UK Stock Performance

The company has a market cap of $382.69 million, a P/E ratio of -0.27 and a beta of 1.44. The business's fifty day moving average is $7.14 and its two-hundred day moving average is $15.35.

Polestar Automotive Holding UK (NASDAQ:PSNY - Get Free Report) last announced its quarterly 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 company had revenue of $680.05 million during the quarter, compared to analysts' expectations of $878.10 million. Analysts expect that Polestar Automotive Holding UK PLC will post -0.40 EPS for the current fiscal year.

Institutional Trading of Polestar Automotive Holding UK

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its stake in shares of 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 acquiring an additional 2,545 shares in the last quarter. Nykredit A S purchased a new stake in Polestar Automotive Holding UK during the second quarter valued at approximately $65,000. Pictet Asset Management Holding SA boosted its stake in Polestar Automotive Holding UK by 74.8% in the first quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company's stock valued at $138,000 after acquiring an additional 3,194 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake 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 valued at $184,000 after acquiring an additional 6,300 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in 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 worth $857,000 after purchasing an additional 30,185 shares during the last quarter. Institutional investors own 1.02% of the company's stock.

Polestar Automotive Holding UK Company Profile

Polestar Automotive Holding UK plc is an electric vehicle company operating under the Polestar brand. The company develops, markets and sells premium battery-electric vehicles, with an emphasis on Scandinavian design, technology, sustainability and digital customer experiences.

Polestar's vehicle lineup has included the Polestar 2 fastback, Polestar 3 electric SUV and Polestar 4 electric performance SUV coupe. The company is also developing additional models, including the Polestar 5 four-door grand tourer and Polestar 6 electric roadster.

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