Polestar Automotive Holding UK PLC ADR (NASDAQ: PSNY) Surprises The Bears, Looks Good Going Forward

In the last trading session, 1.79 million shares of the Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY) were traded, and its beta was 1.52. Most recently the company’s share price was $1.52, and it changed around -$0.04 or -2.56% from the last close, which brings the market valuation of the company to $711.28M. PSNY currently trades at a discount to its 52-week high of $4.96, offering almost -226.32% off that amount. The share price’s 52-week low was $1.30, which indicates that the current value has risen by an impressive 14.47% since then. We note from Polestar Automotive Holding UK PLC ADR’s average daily trading volume that its 10-day average is 1.61 million shares, with the 3-month average coming to 3.29 million.

Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY) trade information

Instantly PSNY has showed a red trend with a performance of -2.56% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -32.74% year-to-date, but still down -8.43% over the last five days. On the other hand, Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY) is -22.45% down in the 30-day period. We can see from the shorts that 25.21 million shares have been sold at a short interest cover period of 6.38 day(s).

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The consensus price target as assigned by Wall Street analysts is $5.5, which translates to bulls needing to increase their stock price by 72.36% from its current value. Analyst projections state that PSNY is forecast to be at a low of $2 and a high of $10.

Polestar Automotive Holding UK PLC ADR (PSNY) estimates and forecasts

The year-over-year growth rate is expected to be 4.60%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $759.26 million in revenue for the current quarter. 3 analysts expect Polestar Automotive Holding UK PLC ADR to make $737.57 million in revenue for the quarter ending Mar 2024. Forecasts for the next quarter put sales growth at 35.10%.

Polestar Automotive Holding UK PLC ADR earnings are expected to increase by -12.15% in 2024, but the outlook is negative -13.54% per year for the next five years.

PSNY Dividends

Polestar Automotive Holding UK PLC ADR’s next quarterly earnings report is expected to be released in May.

Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 47.63% of Polestar Automotive Holding UK PLC ADR shares, and 4.86% of them are in the hands of institutional investors. The stock currently has a share float of 9.29%. Polestar Automotive Holding UK PLC ADR stock is held by 118 institutions, with AMF Tjanstepension AB being the largest institutional investor. By Jun 29, 2023, it held 0.94% of the shares, which is about 4.4 million shares worth $16.81 million.

Invesco Ltd., with 0.55% or 2.56 million shares worth $9.78 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and iShares Self-Driving EV and Tech ETF were the top two Mutual Funds as of Aug 30, 2023. The former held 2.39 million shares worth $7.96 million, making up 0.51% of all outstanding shares. On the other hand, iShares Self-Driving EV and Tech ETF held roughly 1.21 million shares worth around $4.03 million, which represents about 0.26% of the total shares outstanding.