QuantumScape (NYSE:QS) Shares Down 6.4% – Here’s What Happened

by · The Markets Daily

QuantumScape Corporation (NYSE:QS – Get Free Report)’s stock price fell 6.4% during trading on Monday. The company traded as low as $4.56 and last traded at $4.5950. 7,016,183 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 18,793,369 shares. The stock had previously closed at $4.91.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their target price on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, July 24th. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $9.47.

Read Our Latest Analysis on QuantumScape

QuantumScape Price Performance

The firm’s 50-day moving average is $5.52 and its 200-day moving average is $6.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 21.14 and a quick ratio of 21.14. The company has a market capitalization of $2.84 billion, a P/E ratio of -5.67 and a beta of 2.68.

QuantumScape (NYSE:QS – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02. During the same quarter in the previous year, the firm earned ($0.20) EPS. The firm’s quarterly revenue was up .0% on a year-over-year basis. Analysts predict that QuantumScape Corporation will post -0.82 EPS for the current fiscal year.

Insider Buying and Selling at QuantumScape

In related news, CFO Kevin Hettrich sold 9,800 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $7.28, for a total value of $71,344.00. Following the completion of the transaction, the chief financial officer owned 1,816,257 shares of the company’s stock, valued at approximately $13,222,350.96. This represents a 0.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Timothy Holme sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $5.09, for a total value of $229,050.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 321,644 shares of company stock worth $1,998,959 over the last 90 days. Insiders own 3.93% of the company’s stock.

Institutional Trading of QuantumScape

Several hedge funds have recently modified their holdings of QS. QRG Capital Management Inc. raised its position in shares of QuantumScape by 23.7% during the 2nd quarter. QRG Capital Management Inc. now owns 14,316 shares of the company’s stock valued at $108,000 after buying an additional 2,746 shares in the last quarter. Maven Securities LTD purchased a new stake in QuantumScape in the 2nd quarter worth about $664,000. NewEdge Advisors LLC lifted its stake in QuantumScape by 15.6% in the second quarter. NewEdge Advisors LLC now owns 73,905 shares of the company’s stock worth $559,000 after purchasing an additional 9,995 shares during the last quarter. Arizona State Retirement System boosted its position in shares of QuantumScape by 10.5% during the second quarter. Arizona State Retirement System now owns 126,992 shares of the company’s stock valued at $960,000 after buying an additional 12,081 shares during the period. Finally, Nykredit A S purchased a new position in shares of QuantumScape during the second quarter valued at approximately $112,000. 29.87% of the stock is owned by hedge funds and other institutional investors.

QuantumScape Company Profile

(Get Free Report)

QuantumScape Corporation (NYSE: QS) is a battery technology company developing solid-state lithium-metal batteries for electric vehicles and other energy-storage applications. Its technology is designed to replace the liquid electrolyte used in conventional lithium-ion batteries with a solid ceramic separator, with the goal of improving energy density, charging performance, safety and operating range.

The company is focused on designing, testing and scaling prototype cells rather than selling mass-produced batteries.

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