Polestar Automotive Holding UK (NASDAQ:PSNY) Trading Down 7.3% – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares were down 7.3% on Friday . The stock traded as low as $14.05 and last traded at $13.9290. Approximately 14,731 shares were traded during mid-day trading, a decline of 92% from the average session volume of 177,058 shares. The stock had previously closed at $15.03.

Analysts Set New Price Targets

Several brokerages have commented on PSNY. Wall Street Zen lowered Polestar Automotive Holding UK from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Weiss Ratings raised shares of Polestar Automotive Holding UK from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Sell”.

Polestar Automotive Holding UK Price Performance

The business’s 50-day moving average price is $19.20 and its 200 day moving average price is $18.86. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -0.71 and a beta of 1.32.

Insider Activity at Polestar Automotive Holding UK

In related news, Director Quan (Joe) Zhang purchased 1,700 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of $17.70 per share, with a total value of $30,090.00. Following the completion of the transaction, the director owned 3,300 shares of the company’s stock, valued at $58,410. This represents a 106.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karl-Thomas Neumann purchased 2,009 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was bought at an average price of $16.93 per share, with a total value of $34,012.37. Following the purchase, the director owned 7,998 shares of the company’s stock, valued at approximately $135,406.14. The trade was a 33.54% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 21,829 shares of company stock valued at $396,522 and sold 4,211 shares valued at $74,450. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PSNY. EverSource Wealth Advisors LLC raised its stake in Polestar Automotive Holding UK by 28,277.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,554 shares of the company’s stock valued at $47,000 after buying an additional 2,545 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Polestar Automotive Holding UK by 74.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,465 shares of the company’s stock worth $138,000 after acquiring an additional 3,194 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Polestar Automotive Holding UK by 171.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 9,966 shares of the company’s stock valued at $184,000 after acquiring an additional 6,300 shares during the last quarter. SmartHarvest Portfolios LLC bought a new stake in shares of Polestar Automotive Holding UK in the 1st quarter valued at approximately $186,000. Finally, Alpine Global Management LLC acquired a new stake in shares of Polestar Automotive Holding UK during the 4th quarter valued at approximately $219,000. 1.02% of the stock is 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.