Polestar Automotive Holding UK (NASDAQ:PSNY) Stock Price Down 6.4% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s share price was down 6.4% during mid-day trading on Wednesday . The stock traded as low as $13.50 and last traded at $13.65. Approximately 65,137 shares were traded during mid-day trading, a decline of 62% from the average session volume of 171,892 shares. The stock had previously closed at $14.59.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Polestar Automotive Holding UK in a research report on Tuesday, August 11th. Wall Street Zen downgraded Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Polestar Automotive Holding UK Trading Down 6.1%

The firm has a market capitalization of $1.28 billion, a PE ratio of -0.71 and a beta of 1.33. The firm’s fifty day moving average price is $16.85 and its 200 day moving average price is $18.15.

Insiders Place Their Bets

In other Polestar Automotive Holding UK news, Director Karl-Thomas Neumann acquired 2,009 shares of Polestar Automotive Holding UK stock in a transaction dated Monday, June 29th. The stock was bought at an average cost of $16.93 per share, with a total value of $34,012.37. Following the completion of the transaction, the director owned 7,998 shares of the company’s stock, valued at $135,406.14. The trade was a 33.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Xiaojie Shen acquired 2,436 shares of Polestar Automotive Holding UK stock in a transaction dated Monday, June 29th. The stock was acquired at an average cost of $17.31 per share, with a total value of $42,167.16. Following the completion of the transaction, the director directly owned 7,369 shares of the company’s stock, valued at $127,557.39. This trade represents a 49.38% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 21,829 shares of company stock valued at $396,522 in the last ninety days. Company insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Several large investors have recently bought and sold shares of the stock. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in Polestar Automotive Holding UK in the 4th quarter worth $160,160,000. UBS Group AG raised its position in shares of Polestar Automotive Holding UK by 22.6% during the third quarter. UBS Group AG now owns 2,409,258 shares of the company’s stock valued at $2,265,000 after buying an additional 443,359 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Polestar Automotive Holding UK by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 528,893 shares of the company’s stock valued at $555,000 after buying an additional 57,717 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Polestar Automotive Holding UK by 18.6% in the second quarter. California State Teachers Retirement System now owns 458,629 shares of the company’s stock valued at $491,000 after buying an additional 72,023 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Polestar Automotive Holding UK in the second quarter valued at about $326,000. 1.02% of the stock is currently owned by institutional investors and hedge funds.

Polestar Automotive Holding UK Company Profile

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.