QuantumScape (NYSE:QS) Shares Down 4.2% – Here’s What Happened

QuantumScape Co. (NYSE:QSGet Free Report)’s stock price dropped 4.2% on Friday . The company traded as low as $5.43 and last traded at $5.48. Approximately 5,765,409 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 21,944,346 shares. The stock had previously closed at $5.72.

Analysts Set New Price Targets

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

Get Our Latest Stock Analysis on QuantumScape

QuantumScape Stock Performance

The stock’s fifty day simple moving average is $5.23 and its 200-day simple moving average is $5.69. The company has a quick ratio of 14.07, a current ratio of 14.07 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.87 billion, a PE ratio of -5.91 and a beta of 4.46.

QuantumScape (NYSE:QSGet Free Report) last issued its quarterly earnings data 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 period in the previous year, the business earned ($0.23) earnings per share. On average, research analysts predict that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jagdeep Singh sold 308,097 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.30, for a total value of $1,632,914.10. Following the sale, the director now directly owns 2,563,767 shares in the company, valued at $13,587,965.10. This represents a 10.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fritz Prinz sold 12,908 shares of QuantumScape stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $5.04, for a total value of $65,056.32. Following the sale, the director now owns 241,195 shares of the company’s stock, valued at approximately $1,215,622.80. This represents a 5.08 % decrease in their position. 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. Corporate insiders own 12.03% of the company’s stock.

Hedge Funds Weigh In On QuantumScape

Several institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in QuantumScape by 6,650.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 135,000 shares of the company’s stock valued at $776,000 after buying an additional 133,000 shares during the period. Geode Capital Management LLC grew its holdings in QuantumScape by 3.9% in 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. Canada Pension Plan Investment Board acquired a new position in QuantumScape during the second quarter worth approximately $1,950,000. Weiss Asset Management LP purchased a new position in QuantumScape during the third quarter worth approximately $828,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of QuantumScape in the 2nd quarter valued at $680,000. Hedge funds and other institutional investors own 29.87% of the company’s stock.

About QuantumScape

(Get Free Report)

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.

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