Polestar Stock News and Forecast: PSNY recovers but still trades below $6
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UNLOCK OFFER- Polestar stock attempts to recover after sharp recent losses.
- PSNY shares traded 16% higher on Tuesday to $5.99.
- PSNY retraces on Wednesday, losing nearly 3%.
Polestar (PSNY) sank to a record low earlier in the week as the shares bottomed out at $5.65 on Monday before zooming higher on Tuesday to the tune of over 16% on the back of some important news. If you can find what that important news was that spiked PSNY stock by 16%, please feel free to share because there appears to be no reason that I can find for such a recovery. Yes, the overall market recovered, but it did seem a bit overdone.
Polestar stock news
Despite falling to a record low when we look back at 2022, so far Polestar stock is not doing too badly relative to its peers. Only Tesla (orange line) has outperformed it this year, while Lucid (yellow), rRvian (blue line), and Mullen (purple) are all worse off. Outperforming is perhaps a bit of a misnomer, considering Tesla is down over 30% year to date, while Polestar is negative to the tune of nearly 50%.
PSNY versus competitors YTD
However, taking a more recent look, Polestar has underperformed the sector since the beginning of September, chart below. Here it is one of the worst performers, with only MULN stock being worse off. Why the underperformance? Rivian likely has a stronger cash position, Lucid has the Saudi PIF backing, and Tesla is Tesla. Polestar has not had many catalysts in the shape of news to excite investors. We have not heard anything significant since the start of September when the company reiterated its 50k delivery target for the year. Next up we get earnings from Polestar on November 11. These may not really help much as in September the company said deliveries would be weighted toward the fourth quarter due to covid issues in China.
PSNY versus competitors over past month
Polestar stock forecast
It is hard to see much to generate sufficient bullishness in the short term. The stock remains in a strong downtrend. We can see, however, the overbought signal flashed by the Relative Strength Index (RSI) on Monday and also the Moving Average Convergence Divergence (MACD) crossover. This may provide a short-term bounce and likely did on Tuesday already.
PSNY daily chart
- Polestar stock attempts to recover after sharp recent losses.
- PSNY shares traded 16% higher on Tuesday to $5.99.
- PSNY retraces on Wednesday, losing nearly 3%.
Polestar (PSNY) sank to a record low earlier in the week as the shares bottomed out at $5.65 on Monday before zooming higher on Tuesday to the tune of over 16% on the back of some important news. If you can find what that important news was that spiked PSNY stock by 16%, please feel free to share because there appears to be no reason that I can find for such a recovery. Yes, the overall market recovered, but it did seem a bit overdone.
Polestar stock news
Despite falling to a record low when we look back at 2022, so far Polestar stock is not doing too badly relative to its peers. Only Tesla (orange line) has outperformed it this year, while Lucid (yellow), rRvian (blue line), and Mullen (purple) are all worse off. Outperforming is perhaps a bit of a misnomer, considering Tesla is down over 30% year to date, while Polestar is negative to the tune of nearly 50%.
PSNY versus competitors YTD
However, taking a more recent look, Polestar has underperformed the sector since the beginning of September, chart below. Here it is one of the worst performers, with only MULN stock being worse off. Why the underperformance? Rivian likely has a stronger cash position, Lucid has the Saudi PIF backing, and Tesla is Tesla. Polestar has not had many catalysts in the shape of news to excite investors. We have not heard anything significant since the start of September when the company reiterated its 50k delivery target for the year. Next up we get earnings from Polestar on November 11. These may not really help much as in September the company said deliveries would be weighted toward the fourth quarter due to covid issues in China.
PSNY versus competitors over past month
Polestar stock forecast
It is hard to see much to generate sufficient bullishness in the short term. The stock remains in a strong downtrend. We can see, however, the overbought signal flashed by the Relative Strength Index (RSI) on Monday and also the Moving Average Convergence Divergence (MACD) crossover. This may provide a short-term bounce and likely did on Tuesday already.
PSNY daily chart
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