What's Going On With EV Maker Polestar Automotive's Stock?

Polestar Automotive Holding PSNY shares are trading lower Friday after the company reported its preliminary unaudited financial and operational results for 2023.

The Details:

Polestar reported fiscal year 2023 revenue of $2.38 billion, compared to revenue of $2.45 billion in the previous year. Polestar’s 2023 gross profit margin was in-line with earlier guidance, prior to recognizing non-cash impairment charges of around $450 million, relating to Polestar 2 assets and inventory impairment.

“With the 2023 preliminary results now published, Polestar and its auditors are finalizing the process, and we now expect to file our Annual Report on Form 20-F in the coming weeks,” commented Per Ansgar, Polestar's CFO.

The company also set the date to release its first-quarter 2024 preliminary unaudited results, as well as second-quarter global volumes, on July 2. 

Polestar highlighted the first customer deliveries of its Polestar 3 SUV with handovers completed in a special ceremony at the company's headquarters. Polestar now has three EV models on the road, including two SUVs.

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Will PSNY Stock Go Up?

When trying to assess whether or not Polestar Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $3.35 on Polestar Automotive. The Street high target is currently at $5 and the Street low target is $1.70. Of all the analysts covering Polestar Automotive, one has a positive rating, one has a neutral rating and no one has negative ratings.

In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Polestar Automotive have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Polestar Automotive is 78.39% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Polestar Automotive, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

PSNY Price Action: According to Benzinga Pro, Polestar Automotive shares are down 7.58% at 76 cents at the time of publication Friday.

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