Polestar Automotive Holding UK (NASDAQ:PSNY) Shares Gap Down – Here’s What Happened

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) shares gapped down before the market opened on Thursday . The stock had previously closed at $1.22, but opened at $1.09. Polestar Automotive Holding UK shares last traded at $1.06, with a volume of 3,553,861 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSNY. Bank of America assumed coverage on shares of Polestar Automotive Holding UK in a report on Thursday, December 5th. They issued a “neutral” rating and a $1.25 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.00 price target on shares of Polestar Automotive Holding UK in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $1.53.

Polestar Automotive Holding UK Trading Down 13.9 %

The stock’s 50-day moving average price is $1.10 and its 200-day moving average price is $1.14. The company has a market capitalization of $2.24 billion, a P/E ratio of -1.84 and a beta of 1.53.

Hedge Funds Weigh In On Polestar Automotive Holding UK

A number of hedge funds and other institutional investors have recently bought and sold shares of PSNY. MetLife Investment Management LLC lifted its position in Polestar Automotive Holding UK by 134.4% in the 3rd quarter. MetLife Investment Management LLC now owns 15,390 shares of the company’s stock valued at $26,000 after purchasing an additional 8,823 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Polestar Automotive Holding UK by 125.4% in the third quarter. Captrust Financial Advisors now owns 46,615 shares of the company’s stock valued at $80,000 after purchasing an additional 25,930 shares during the period. Public Employees Retirement Association of Colorado bought a new stake in shares of Polestar Automotive Holding UK during the second quarter valued at approximately $26,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Polestar Automotive Holding UK by 31.8% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 319,508 shares of the company’s stock worth $550,000 after buying an additional 77,106 shares during the period. Finally, XTX Topco Ltd grew its holdings in Polestar Automotive Holding UK by 153.1% in the 2nd quarter. XTX Topco Ltd now owns 150,657 shares of the company’s stock worth $119,000 after buying an additional 91,139 shares in 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.