QuantumScape (NYSE:QS) Shares Up 2.6% – Here’s Why

Shares of QuantumScape Co. (NYSE:QS) were up 2.6% during mid-day trading on Friday . The company traded as high as $5.50 and last traded at $5.40. Approximately 3,851,857 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 19,581,479 shares. The stock had previously closed at $5.26.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. HSBC raised QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective for the company in a report on Tuesday, November 19th. Hsbc Global Res upgraded shares of QuantumScape to a “hold” rating in a research note on Tuesday, November 19th. Finally, Truist Financial restated a “hold” rating and set a $7.00 target price (up from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.26.

QuantumScape Stock Down 1.0 %

The firm has a market capitalization of $2.67 billion, a PE ratio of -5.48 and a beta of 4.46. 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 company has a 50-day moving average price of $5.25 and a 200 day moving average price of $5.70.

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

Insider Buying and Selling

In related news, Director Jagdeep Singh sold 5,531 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $5.01, for a total transaction of $27,710.31. Following the completion of the transaction, the director now directly owns 2,590,583 shares of the company’s stock, valued at approximately $12,978,820.83. This represents a 0.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mohit Singh sold 97,305 shares of QuantumScape stock in a transaction that occurred on Friday, December 27th. The stock was sold at an average price of $6.24, for a total value of $607,183.20. Following the completion of the sale, the insider now directly owns 1,092,020 shares in the company, valued at approximately $6,814,204.80. The trade was a 8.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 536,460 shares of company stock worth $2,903,619. 12.03% of the stock is owned by insiders.

Hedge Funds Weigh In On QuantumScape

Institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new position in shares of QuantumScape in the 2nd quarter valued at about $1,950,000. American Century Companies Inc. lifted its stake in shares of QuantumScape by 880.6% in the 2nd quarter. American Century Companies Inc. now owns 352,286 shares of the company’s stock valued at $1,733,000 after purchasing an additional 316,361 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of QuantumScape by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock worth $33,671,000 after purchasing an additional 218,743 shares during the period. Weiss Asset Management LP purchased a new stake in QuantumScape during the 3rd quarter valued at $828,000. Finally, Nisa Investment Advisors LLC lifted its position in QuantumScape by 6,650.0% in the third quarter. Nisa Investment Advisors LLC now owns 135,000 shares of the company’s stock worth $776,000 after buying an additional 133,000 shares during the last quarter. 29.87% of the stock is owned by hedge funds and other 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.