Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Down 3.7%

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) dropped 3.7% during mid-day trading on Wednesday . The stock traded as low as $0.89 and last traded at $0.91. Approximately 5,076,387 shares traded hands during trading, a decline of 25% from the average daily volume of 6,788,302 shares. The stock had previously closed at $0.95.

Wall Street Analyst Weigh In

PSNY has been the topic of several research reports. Citigroup reduced their price target on shares of Polestar Automotive Holding UK from $2.50 to $1.70 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Piper Sandler restated a “neutral” rating and set a $2.00 target price (down previously from $3.00) on shares of Polestar Automotive Holding UK in a research report on Friday, March 15th. Barclays cut their price target on Polestar Automotive Holding UK from $2.00 to $1.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price objective on shares of Polestar Automotive Holding UK in a report on Monday, July 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $3.31.

Polestar Automotive Holding UK Price Performance

The company has a 50-day moving average price of $0.92 and a 200-day moving average price of $1.45.

Hedge Funds Weigh In On Polestar Automotive Holding UK

Institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC boosted its stake in Polestar Automotive Holding UK by 159.5% during the 4th quarter. Private Advisor Group LLC now owns 62,550 shares of the company’s stock worth $141,000 after acquiring an additional 38,450 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Polestar Automotive Holding UK by 67.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 288,172 shares of the company’s stock worth $608,000 after acquiring an additional 116,207 shares during the last quarter. Jump Financial LLC bought a new position in Polestar Automotive Holding UK during the 4th quarter worth approximately $242,000. Cantor Fitzgerald L. P. bought a new position in Polestar Automotive Holding UK during the 4th quarter worth approximately $226,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Polestar Automotive Holding UK by 136.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,344 shares of the company’s stock worth $55,000 after acquiring an additional 14,048 shares during the last quarter. 1.02% of the stock is currently owned by institutional investors and hedge funds.

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.