QuantumScape (NYSE:QS) Shares Gap Down – Here’s Why

QuantumScape Co. (NYSE:QS)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $6.29, but opened at $6.05. QuantumScape shares last traded at $5.81, with a volume of 4,934,031 shares trading hands.

Wall Street Analysts Forecast Growth

QS has been the topic of a number of research analyst reports. HSBC raised shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price target on the stock in a research note on Tuesday, November 19th. Truist Financial reaffirmed a “hold” rating and set a $7.00 target price (up from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. Finally, Hsbc Global Res raised shares of QuantumScape to a “hold” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.26.

QuantumScape Price Performance

The company has a market cap of $2.87 billion, a price-to-earnings ratio of -5.91 and a beta of 4.46. The company has a current ratio of 14.07, a quick ratio of 14.07 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average price is $5.22 and its 200 day moving average price is $5.68.

QuantumScape (NYSE:QS) last released its earnings results on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same period in the prior year, the business posted ($0.23) EPS. Equities research analysts forecast that QuantumScape Co. will post -0.99 earnings per share for the current year.

Insider Activity

In other news, Director Jagdeep Singh sold 5,531 shares of QuantumScape stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $5.01, for a total transaction of $27,710.31. Following the completion of the sale, 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 filing with the SEC, which is available through the SEC website. Also, insider Mohit Singh sold 97,305 shares of QuantumScape stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $6.24, for a total transaction of $607,183.20. Following the sale, the insider now owns 1,092,020 shares of the company’s stock, valued at approximately $6,814,204.80. This trade represents a 8.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 536,460 shares of company stock worth $2,903,619 in the last 90 days. 12.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QuantumScape

Several hedge funds have recently modified their holdings of the stock. State Street Corp raised its stake in shares of QuantumScape by 1.5% during the third quarter. State Street Corp now owns 5,918,496 shares of the company’s stock valued at $34,031,000 after purchasing an additional 87,563 shares during the period. Geode Capital Management LLC raised its stake in shares of QuantumScape by 3.9% during the third quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock valued at $33,671,000 after purchasing an additional 218,743 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of QuantumScape by 4.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,227,072 shares of the company’s stock worth $12,806,000 after buying an additional 93,826 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of QuantumScape by 8.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,180,002 shares of the company’s stock worth $6,785,000 after buying an additional 94,103 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of QuantumScape by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 930,614 shares of the company’s stock worth $4,579,000 after buying an additional 11,897 shares during the last quarter. 29.87% of the stock is owned by institutional investors and hedge funds.

QuantumScape Company Profile

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.