QuantumScape (NYSE:QS) Trading Down 2.9% – Here’s What Happened

QuantumScape Co. (NYSE:QS)’s stock price fell 2.9% during mid-day trading on Friday . The company traded as low as $5.77 and last traded at $5.96. 18,743,122 shares were traded during trading, an increase of 96% from the average session volume of 9,572,858 shares. The stock had previously closed at $6.14.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on QS shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $6.00 price target on shares of QuantumScape in a research note on Tuesday, September 10th. Wolfe Research began coverage on QuantumScape in a research note on Thursday, September 5th. They issued an “underperform” rating for the company. Truist Financial reiterated a “hold” rating and issued a $7.00 target price (up from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. HSBC raised shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 target price for the company in a research report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded shares of QuantumScape to a “hold” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat.com, QuantumScape has a consensus rating of “Hold” and an average price target of $6.26.

QuantumScape Stock Performance

The company has a market cap of $3.01 billion, a price-to-earnings ratio of -6.19 and a beta of 4.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 14.07 and a quick ratio of 14.07. The firm has a fifty day simple moving average of $5.17 and a 200 day simple moving average of $5.64.

QuantumScape (NYSE:QS) last released its earnings results on Wednesday, October 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). During the same quarter in the previous year, the business earned ($0.23) earnings per share. On average, sell-side analysts expect that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jagdeep Singh sold 5,531 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $5.01, for a total transaction of $27,710.31. Following the transaction, the director now directly owns 2,590,583 shares in the company, valued at $12,978,820.83. The trade was a 0.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Hettrich sold 29,667 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $5.10, for a total value of $151,301.70. Following the completion of the sale, the chief financial officer now owns 1,024,325 shares of the company’s stock, valued at $5,224,057.50. This represents a 2.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 666,032 shares of company stock valued at $3,549,682. 12.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On QuantumScape

A number of hedge funds and other institutional investors have recently made changes to their positions in QS. Signaturefd LLC boosted its stake in QuantumScape by 79.9% in the 3rd quarter. Signaturefd LLC now owns 4,838 shares of the company’s stock valued at $28,000 after buying an additional 2,148 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of QuantumScape by 475.1% in the 3rd quarter. International Assets Investment Management LLC now owns 5,118 shares of the company’s stock worth $29,000 after purchasing an additional 4,228 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in shares of QuantumScape during the 2nd quarter worth about $52,000. Financial Advocates Investment Management bought a new position in QuantumScape during the 2nd quarter valued at about $58,000. Finally, Atom Investors LP acquired a new position in QuantumScape in the third quarter valued at about $60,000. 29.87% of the stock is owned by institutional investors.

About QuantumScape

QuantumScape Corporation, a research and development stage company, focuses on the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. The company was founded in 2010 and is headquartered in San Jose, California.