The share price of Polestar Automotive Holding UK PLC (NASDAQ: PSNY) registered a decline of 5.1% on Thursday following a price target adjustment by Citigroup. The stock decreased from $2.50 to $1.70 after Citigroup downgraded its rating on the company to neutral. Trading activity also saw a significant decrease, with approximately 1,208,882 shares changing hands, marking a 63% decline from the average daily volume of 3,241,596 shares. Polestar Automotive Holding UK traded as low as $1.28 and last traded at $1.30, with a previous closing price of $1.37.
Several other research firms also shared their insights on PSNY. Cantor Fitzgerald reiterated an “overweight” rating with a target price of $5.00, while Piper Sandler restated a “neutral” recommendation with a target price of $2.00 (down from $3.00). Additionally, Sanford C. Bernstein initiated coverage on Polestar Automotive Holding UK, assigning an “underperform” rating and a $1.15 price target. Overall, the consensus rating for the company is “Hold” with a consensus target price of $3.48.
Institutional Trading of Polestar Automotive Holding UK
The fifty-day simple moving average for Polestar Automotive Holding UK is $1.46, with a 200-day simple moving average of $1.83.
About Polestar Automotive Holding UK
Polestar Automotive Holding UK PLC is a manufacturer and seller of premium electric vehicles, established in 2017 and headquartered in Gothenburg, Sweden.
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In conclusion, the recent price target adjustment for Polestar Automotive Holding UK has led to a noticeable impact on its stock price. Investors will be monitoring the company closely in the coming days to see how the market responds to this development.