QuantumScape (NYSE:QS) Trading Down 9.1% – Here’s Why

QuantumScape Co. (NYSE:QS) shares traded down 9.1% during trading on Thursday . The stock traded as low as $5.56 and last traded at $5.72. 25,693,550 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 25,287,398 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

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

QuantumScape Stock Down 1.9 %

The business’s 50-day moving average price is $5.23 and its 200-day moving average price is $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. The firm has a market capitalization of $2.87 billion, a PE ratio of -5.91 and a beta of 4.46.

QuantumScape (NYSE:QS) last posted its quarterly 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 period last year, the firm earned ($0.23) EPS. As a group, equities research analysts predict that QuantumScape Co. will post -0.99 EPS for the current fiscal year.

Insider Activity at QuantumScape

In other news, Director Fritz Prinz sold 12,908 shares of QuantumScape stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $5.04, for a total value of $65,056.32. Following the transaction, the director now owns 241,195 shares of the company’s stock, valued at $1,215,622.80. This trade represents a 5.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin Hettrich sold 55,647 shares of QuantumScape stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $5.05, for a total transaction of $281,017.35. Following the completion of the transaction, the chief financial officer now directly owns 1,022,743 shares in the company, valued at approximately $5,164,852.15. This represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 536,460 shares of company stock valued at $2,903,619. 12.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QuantumScape

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in shares of 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 acquiring an additional 133,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in QuantumScape by 3.9% during the third quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock worth $33,671,000 after buying an additional 218,743 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in QuantumScape during the second quarter worth $1,950,000. Weiss Asset Management LP acquired a new stake in QuantumScape during the third quarter worth $828,000. Finally, Sanctuary Advisors LLC acquired a new stake in QuantumScape during the second quarter worth $680,000. 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.