Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 4.4% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell 4.4% during trading on Monday . The stock traded as low as $0.5851 and last traded at $0.5830. 1,283,226 shares were traded during trading, a decline of 72% from the average session volume of 4,563,107 shares. The stock had previously closed at $0.6096.

Analyst Ratings Changes

PSNY has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Polestar Automotive Holding UK in a report on Wednesday. Wall Street Zen lowered shares of Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Zacks Research cut shares of Polestar Automotive Holding UK from a “hold” rating to a “strong sell” rating in a report on Friday, November 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Polestar Automotive Holding UK in a research report on Thursday, September 4th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $1.25.

Polestar Automotive Holding UK Stock Performance

The firm has a market capitalization of $1.22 billion, a PE ratio of -0.88 and a beta of 1.35. The firm’s 50-day moving average is $0.84 and its 200 day moving average is $1.00.

Polestar Automotive Holding UK’s stock is scheduled to reverse split before the market opens on Tuesday, December 30th. The 1-30 reverse split was announced on Monday, November 17th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 29th.

Polestar Automotive Holding UK (NASDAQ:PSNY) last issued its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $790.79 million for the quarter, compared to analyst estimates of $850.00 million. As a group, equities analysts anticipate that Polestar Automotive Holding UK PLC will post -0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. SCS Capital Management LLC purchased a new position in Polestar Automotive Holding UK in the 1st quarter valued at about $43,000. Rathbones Group PLC lifted its stake in shares of Polestar Automotive Holding UK by 79.1% during the third quarter. Rathbones Group PLC now owns 45,285 shares of the company’s stock valued at $43,000 after buying an additional 20,000 shares during the period. Russell Investments Group Ltd. boosted its position in Polestar Automotive Holding UK by 45.0% during the second quarter. Russell Investments Group Ltd. now owns 47,970 shares of the company’s stock worth $51,000 after acquiring an additional 14,877 shares during the last quarter. Focus Partners Wealth acquired a new stake in Polestar Automotive Holding UK during the first quarter worth approximately $62,000. Finally, Captrust Financial Advisors grew its stake in Polestar Automotive Holding UK by 43.2% in the 2nd quarter. Captrust Financial Advisors now owns 58,700 shares of the company’s stock worth $63,000 after acquiring an additional 17,700 shares during the period. Institutional investors and hedge funds own 1.02% of the company’s stock.

About Polestar Automotive Holding UK

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.