Shares of EV maker Polestar Automotive (NASDAQ:PSNY) are tanking in the pre-market session today after the company filed a prospectus to offer securities to raise funds of up to $1 billion.
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The company noted that it can raise funds via one or more offerings through a combination of securities. While the prospectus is not an offer to sell, the announcement has sent PSNY shares nearly 7% lower today already.
The company delivered 13,900 vehicles in the third quarter, with deliveries in the first nine months of the year rising 37% year-over-year to 41,700. Further, PSNY expects to begin vehicle deliveries in China in the fourth quarter and anticipates delivery of 60,000 to 70,000 vehicles in 2023.
Despite this uptick in vehicle deliveries, the stock has corrected by nearly 46% so far this year, and the company’s third-quarter numbers on November 8 are a key event to keep an eye on. Analysts expect the company to incur a net loss per share of $0.15 on revenue of $738.3 million for the quarter.
What Is the Target Price for PSNY Share?
Overall, the Street has a consensus price target of $5.80 for Polestar, along with a Moderate Buy consensus rating. This implies a mega 100% potential upside in the stock.
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