What's Going On With EV Maker Polestar Automotive's Stock?
Portfolio Pulse from Erica Kollmann
Polestar Automotive Holding (NASDAQ:PSNY) shares are trading lower after reporting preliminary unaudited financial and operational results for 2023. The company reported a revenue decline to $2.38 billion from $2.45 billion the previous year and recognized non-cash impairment charges of around $450 million. Polestar also announced the first customer deliveries of its Polestar 3 SUV and plans to release its first-quarter 2024 results on July 2. Analysts have mixed ratings with an average 12-month price target of $3.35.
June 28, 2024 | 1:30 pm
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Polestar Automotive reported a revenue decline for 2023 and recognized significant non-cash impairment charges, leading to a drop in its stock price. The company also announced the first deliveries of its Polestar 3 SUV and plans to release Q1 2024 results on July 2. Analysts have mixed ratings with an average price target of $3.35.
The revenue decline and significant impairment charges are negative indicators for Polestar's financial health, leading to a drop in stock price. However, the announcement of the first deliveries of the Polestar 3 SUV and upcoming Q1 2024 results could provide some positive momentum. Analysts' mixed ratings suggest uncertainty about the stock's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100