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

Shares of QuantumScape Co. (NYSE:QS) gapped down before the market opened 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on QS shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $6.00 price target on shares of QuantumScape in a research report on Tuesday, September 10th. HSBC upgraded QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective for the company in a research report on Tuesday, November 19th. Hsbc Global Res upgraded QuantumScape to a “hold” rating in a report on Tuesday, November 19th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $7.00 price objective (up previously from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, QuantumScape has an average rating of “Hold” and a consensus target price of $6.26.

QuantumScape Stock Down 9.4 %

The stock has a market capitalization of $2.92 billion, a P/E ratio of -6.00 and a beta of 4.46. The business has a 50-day simple moving average of $5.20 and a two-hundred day simple moving average of $5.68. The company has a quick ratio of 14.07, a current ratio of 14.07 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last announced 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 last year, the business earned ($0.23) earnings per share. Equities research analysts forecast that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at QuantumScape

In related news, Director Fritz Prinz sold 12,908 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $5.04, for a total transaction of $65,056.32. Following the completion of the transaction, the director now directly owns 241,195 shares in the company, valued at approximately $1,215,622.80. This trade represents a 5.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mohit Singh sold 97,305 shares of QuantumScape stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of $6.24, for a total transaction of $607,183.20. Following the completion of the sale, the insider now owns 1,092,020 shares in the company, valued at $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 have sold 536,460 shares of company stock worth $2,903,619 in the last three months. Insiders own 12.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in QuantumScape by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 930,614 shares of the company’s stock worth $4,579,000 after purchasing an additional 11,897 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of QuantumScape by 2.6% in the second quarter. Commonwealth Equity Services LLC now owns 367,887 shares of the company’s stock valued at $1,810,000 after buying an additional 9,290 shares during the period. CIBC Asset Management Inc acquired a new stake in QuantumScape during the second quarter worth approximately $61,000. Arizona State Retirement System increased its stake in QuantumScape by 4.6% during the 2nd quarter. Arizona State Retirement System now owns 98,800 shares of the company’s stock worth $486,000 after acquiring an additional 4,330 shares during the period. Finally, Ground Swell Capital LLC bought a new stake in shares of QuantumScape during the 2nd quarter valued at $95,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

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.