Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down to $1.10

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) gapped down before the market opened on Tuesday . The stock had previously closed at $1.10, but opened at $1.03. Polestar Automotive Holding UK shares last traded at $1.04, with a volume of 11,400,436 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Sanford C. Bernstein assumed coverage on Polestar Automotive Holding UK in a report on Wednesday, January 24th. They set an “underperform” rating and a $1.15 price objective on the stock. Piper Sandler reissued a “neutral” rating and set a $2.00 price objective (down from $3.00) on shares of Polestar Automotive Holding UK in a report on Friday, March 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Polestar Automotive Holding UK in a report on Friday, April 12th. Finally, Citigroup decreased their price objective on Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a report on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.48.

Polestar Automotive Holding UK Price Performance

The stock has a 50 day simple moving average of $1.41 and a 200 day simple moving average of $1.80.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Large investors have recently bought and sold shares of the stock. Invesco Ltd. increased its stake in Polestar Automotive Holding UK by 10.7% in the 3rd quarter. Invesco Ltd. now owns 2,833,547 shares of the company’s stock worth $7,481,000 after purchasing an additional 273,479 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Polestar Automotive Holding UK by 18.7% during the third quarter. Rafferty Asset Management LLC now owns 62,999 shares of the company’s stock valued at $166,000 after buying an additional 9,942 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Polestar Automotive Holding UK by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 574,550 shares of the company’s stock valued at $1,517,000 after buying an additional 112,900 shares during the period. Schechter Investment Advisors LLC purchased a new position in shares of Polestar Automotive Holding UK during the fourth quarter valued at approximately $35,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Polestar Automotive Holding UK during the third quarter valued at approximately $34,000. 1.02% of the stock is owned by hedge funds and other institutional investors.

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.