Polestar Automotive to Implement 1-for-30 Reverse Stock Split

Shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY) are set to undergo a reverse stock split on December 9, 2023. This decision involves a 1-for-30 split, which will adjust the number of shares owned by shareholders following the market close on December 8.

Polestar’s stock opened at $0.63 on Friday, reflecting a volatile performance over the past year. The company recorded a 52-week low of $0.50 and a high of $1.42. With a current market capitalization of $1.36 billion, Polestar has a price-to-earnings (P/E) ratio of -0.97 and a beta of 1.37, indicating significant fluctuations in its stock price relative to the market. The 50-day moving average stands at $0.77, while the 200-day moving average is $0.97.

In its most recent quarterly earnings report, released on September 3, Polestar reported an earnings per share (EPS) of ($0.10), surpassing analysts’ expectations of ($0.12) by $0.02. The company generated revenue of $790.79 million during the quarter, falling short of the analyst forecast of $850 million. Research analysts anticipate that Polestar will record an EPS of ($0.59) for the current fiscal year.

Institutional Investments in Polestar

Recent trading activity among institutional investors reflects a mixed sentiment towards Polestar. Notably, SCS Capital Management LLC acquired a new stake in the company worth $43,000 during the first quarter. Rathbones Group PLC increased its holdings by 79.1% in the third quarter, now owning 45,285 shares valued at $43,000 after adding 20,000 shares in the last quarter.

Similarly, Russell Investments Group Ltd. expanded its position by 45.0% during the second quarter, now holding 47,970 shares worth $51,000 after acquiring an additional 14,877 shares. Focus Partners Wealth also entered the fray with a new stake valued at $62,000 in the first quarter. Lastly, Captrust Financial Advisors increased its stake by 43.2% in the second quarter, now owning 58,700 shares valued at $63,000. Currently, institutional investors and hedge funds own approximately 1.02% of Polestar’s outstanding shares.

About Polestar Automotive

Founded in 2017 and headquartered in Gothenburg, Sweden, Polestar Automotive Holding UK PLC specializes in manufacturing and selling premium electric vehicles. As the company navigates the complexities of the automotive market, these recent developments will be closely monitored by investors and analysts alike.

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