Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.1% - Here's Why

Key Points

• Polestar Automotive Holding UK shares fell 4.1% to about $12.35, with trading volume 29% below the stock’s average daily volume.
• Analyst sentiment remains negative: Wall Street Zen downgraded the stock to “sell,” Weiss Ratings reiterated a “sell (D-)” rating, and the overall analyst consensus is “Sell.”
• Despite the decline, insiders purchased 21,829 shares worth approximately $396,522 during the last quarter, while institutional investors own only 1.02% of the company.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Free Report) dropped 4.1% on Tuesday . The company traded as low as $12.30 and last traded at $12.3510. 122,516 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 171,959 shares. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

PSNY has been the topic of a number of analyst reports. Wall Street Zen cut Polestar Automotive Holding UK from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Polestar Automotive Holding UK in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Sell".

Polestar Automotive Holding UK Stock Performance

The company has a market capitalization of $1.15 billion, a P/E ratio of -0.64 and a beta of 1.33. The company has a 50-day simple moving average of $16.31 and a 200 day simple moving average of $18.10.

Insider Transactions at Polestar Automotive Holding UK

In related news, Director Karl-Thomas Neumann purchased 2,009 shares of the firm's stock in a transaction on Monday, June 29th. The shares were bought at an average cost of $16.93 per share, for a total transaction of $34,012.37. Following the transaction, the director directly owned 7,998 shares of the company's stock, valued at approximately $135,406.14. This trade represents a 33.54% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Francesca Paola Leandr Gamboni acquired 1,709 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were bought at an average price of $17.56 per share, for a total transaction of $30,010.04. Following the acquisition, the director owned 4,792 shares in the company, valued at approximately $84,147.52. This trade represents a 55.43% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 21,829 shares of company stock worth $396,522. 0.02% of the stock is currently owned by insiders.

Institutional Trading of Polestar Automotive Holding UK

Several institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake in shares of Polestar Automotive Holding UK by 28,277.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company's stock valued at $47,000 after purchasing an additional 2,545 shares during the period. Russell Investments Group Ltd. lifted its position in Polestar Automotive Holding UK by 45.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company's stock worth $51,000 after buying an additional 14,877 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Polestar Automotive Holding UK during the first quarter worth approximately $62,000. Captrust Financial Advisors increased its position in Polestar Automotive Holding UK by 43.2% in the second quarter. Captrust Financial Advisors now owns 58,700 shares of the company's stock worth $63,000 after purchasing an additional 17,700 shares during the period. Finally, Nykredit A S bought a new stake in shares of Polestar Automotive Holding UK during the second quarter worth approximately $65,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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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