Streetbeat News

PSNY

Polestar Automotive Holding UK PLC

https://www.polestar.com

Industry

Auto - Manufacturers

Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017 and is headquartered in Gothenburg, Sweden.

Open

1.20

Mkt cap

2.9B

Volume

4.5M

High

1.30

P/E Ratio

-1.92

52-wk high

2.65

Low

1.20

Div yield

N/A

52-wk low

0.61

Hertz Global Holdings Inc (NASDAQ:HTZ) has paused its procurement of Polestar vehicles amid a fleet restructuring, aiming to downsize its EV fleet. The decision follows an agreement with Polestar to waive Hertz's purchase requirements for 2024, with Hertz committing not to sell its existing Polestar EVs prematurely. The partnership, announced in 2022, initially involved Hertz purchasing up to 65,000 EVs from Polestar over five years. However, due to higher repair costs for EVs, Hertz is scaling back its EV fleet, affecting its timeline for achieving a 25% electric fleet by the end of 2024. Hertz has begun selling Tesla vehicles from its fleet, with plans to sell about 20,000 EVs this year. Following the news, Polestar's shares fell 7.3%, and Hertz's shares dropped 5.6%.

Portfolio Pulse from Anan Ashraf

February 06, 2024 | 5:17 am

C.H. Robinson Worldwide, Inc. (CHRW) shares fell over 12% after reporting Q4 financial results below market expectations. Other stocks showed significant movement, with companies like Minim, Inc. (MINM) and Clearmind Medicine Inc. (CMND) experiencing substantial gains. Conversely, Revelation Biosciences, Inc. (REVB) and InVivo Therapeutics Holdings Corp. (NVIV) saw notable declines. The article also highlights stocks that moved due to earnings reports, strategic agreements, and other corporate actions.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 6:17 pm

Polestar Automotive's stock is trading lower following an announcement by Volvo Cars that it will cease to provide further funding to the company. This decision by Volvo, a major stakeholder, could significantly impact Polestar's financial stability and future growth prospects.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 3:25 pm

Polestar Automotive has received a strategic investment from Geely for future expansion. This investment will support Polestar's growth as a standalone luxury electric vehicle (EV) brand.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 7:46 am

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) may soon welcome Geely Sweden Holding, a subsidiary of Geely Holding Group, as a new shareholder. This potential shift in ownership is under evaluation by Volvo Cars, which could redistribute shares to its shareholders, making Geely Sweden Holding a primary recipient. Volvo Cars will continue its strategic partnership with Polestar in R&D, manufacturing, and other areas. Amid market challenges and competition, Polestar remains optimistic about its sales outlook for 2024. Bernstein analyst Daniel Roeska has suggested that Polestar might benefit from going private. Geely's EV arm, Zeekr, plans to double car deliveries in 2024, indicating a strategic alignment with Polestar's focus on electric performance cars.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 7:30 am

Bernstein analyst Daniel Roeska suggests that Polestar Automotive (PSNY) should go private, as it would be more beneficial within the Volvo Cars-Geely ecosystem. Bernstein initiated coverage with an 'underperform' rating and a target price of $1.15, a 44% downside. Polestar missed its delivery target for 2023 and expects break-even gross profit margins. The company reported a $735 million operating loss for the first nine months of 2023. Despite challenges, the CEO remains optimistic for 2024. Polestar's stock has fallen nearly 63% over the past year.

Portfolio Pulse from Anan Ashraf

January 24, 2024 | 11:10 am

In Tuesday's after-market session, several consumer discretionary stocks saw movement. Purple Innovation (PRPL) shares increased by 9.7%, while Build-A-Bear Workshop (BBW) rose 7.51%. Kaixin Auto Hldgs (KXIN) and Stride (LRN) also saw gains after their earnings release, with increases of 4.92% and 4.28% respectively. 2U (TWOU) and SRIVARU Holding (SVMH) stocks moved upwards by 3.79% and 3.57%. On the losing side, Polestar Automotive (PSNY) stock decreased by 3.3%, Tuniu (TOUR) fell 2.99%, Forza X1 (FRZA) declined by 2.11%, RCI Hospitality Hldgs (RICK) fell 1.79%, and Volcon (VLCN) decreased by 1.59%.

Portfolio Pulse from Benzinga Insights

January 23, 2024 | 9:31 pm

Polestar CEO Thomas Ingenlath is optimistic about the company's EV sales in 2024 despite a tough end to 2023. Polestar, co-owned by Volvo, is launching a new SUV coupe and starting production of the Polestar 3. In 2023, Polestar delivered 54,600 cars, missing its 60,000 target. Hertz plans to sell 20,000 EVs due to costs and demand issues, but Ingenlath believes Hertz will continue buying from Polestar.

Portfolio Pulse from Anan Ashraf

January 20, 2024 | 4:01 am

Polestar Automotive (NYSE:PSNY) has seen an 8.82% increase in short interest since the last report, with 24.20 million shares sold short, representing 5.18% of available shares. The short interest ratio indicates it would take 9.62 days to cover short positions. While an increase in short interest can suggest bearish market sentiment, PSNY's short interest is below its peer group average of 12.87%. This data does not necessarily predict a near-term price drop, but indicates heightened shorting activity.

Portfolio Pulse from Benzinga Insights

January 18, 2024 | 5:45 pm

Cantor Fitzgerald analyst Andres Sheppard has reiterated an Overweight rating on Polestar Automotive (NASDAQ:PSNY) and maintained a price target of $5.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:39 pm

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