In 2024, Will Polestar Automotive Holding UK PLC ADR (NASDAQ: PSNY) Be Bullish Or Bearish?

Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY) shares, rose in value on Thursday, April 04, without any change to the previous day’s close as strong demand from buyers drove the stock to $1.57.

Actively observing the price movement in the recent trading, the stock is buoying the session at $1.57. Referring to stock’s 52-week performance, its high was $4.96, and the low was $1.30. On the whole, PSNY has fluctuated by -8.19% over the past month.

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As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.15, which is expected to increase to -$0.11 for fiscal year -$0.36 and then to about -$0.48 by fiscal year 2024. Data indicates that the EPS growth is expected to be -56.50% in 2024, while the next year’s EPS growth is forecast to be -33.30%.

Analysts have estimated the company’s revenue for the quarter at $759.26 million, with a low estimate of $613 million and a high estimate of $846.7 million. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $2.58 billion, representing an increase of 4.60% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that PSNY’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of PSNY currently trading nearly -3.12% and -9.84% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 45.31, while the 7-day volatility ratio is showing 5.75% which for the 30-day chart, stands at 6.71%. Furthermore, Polestar Automotive Holding UK PLC ADR (PSNY)’s beta value is 1.51, and its average true range (ATR) is 0.12.

A comparison of Polestar Automotive Holding UK PLC ADR (PSNY) with its peers suggests the former has fared considerably weaker in the market. PSNY showed an intraday change of 0.00% in today’s session so far, and over the past year, it shrunk by -58.24%%.

Data on historical trading for Polestar Automotive Holding UK PLC ADR (NASDAQ:PSNY) indicates that the trading volumes over the past 10 days have averaged 1.61 million and over the past 3 months, they’ve averaged 3.25 million. According to company’s latest data on outstanding shares, there are 467.95 million shares outstanding.

Nearly 0.06% of Polestar Automotive Holding UK PLC ADR’s shares belong to company insiders and institutional investors own 4.77% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 25.21 million shares as on Mar 15, 2024, resulting in a short ratio of 6.38. According to the data, the short interest in Polestar Automotive Holding UK PLC ADR (PSNY) stood at 1.19% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 24.76 million. The stock has fallen by -30.53% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PSNY stock heading into the next quarter.