QuantumScape (NYSE:QS) Trading 3.2% Higher – Here’s What Happened

QuantumScape Co. (NYSE:QS) rose 3.2% during trading on Wednesday . The stock traded as high as $5.17 and last traded at $5.11. Approximately 3,605,205 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 8,833,886 shares. The stock had previously closed at $4.95.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on QS. Truist Financial restated a “hold” rating and set a $7.00 price objective (up from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. Hsbc Global Res upgraded shares of QuantumScape to a “hold” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $6.00 price objective on shares of QuantumScape in a research note on Tuesday, September 10th. HSBC upgraded QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 target price on the stock in a research report on Tuesday. Finally, Wolfe Research initiated coverage on QuantumScape in a research report on Thursday, September 5th. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, QuantumScape has a consensus rating of “Hold” and a consensus price target of $6.26.

QuantumScape Price Performance

The firm has a market capitalization of $2.59 billion, a PE ratio of -5.32 and a beta of 4.60. The stock’s 50 day simple moving average is $5.43 and its two-hundred day simple moving average is $5.74. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07.

QuantumScape (NYSE:QS) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). During the same period in the previous year, the firm posted ($0.23) earnings per share. On average, sell-side analysts forecast that QuantumScape Co. will post -0.97 EPS for the current year.

Insider Transactions at QuantumScape

In other QuantumScape news, Director Jagdeep Singh sold 5,531 shares of the firm’s stock in a transaction 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 sale, the director now owns 2,590,583 shares of the company’s stock, valued at $12,978,820.83. This trade represents a 0.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael O. Mccarthy III sold 106,084 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $5.90, for a total transaction of $625,895.60. Following the completion of the sale, the insider now owns 1,181,884 shares in the company, valued at approximately $6,973,115.60. This trade represents a 8.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 606,197 shares of company stock worth $3,498,399 in the last quarter. Company insiders own 12.03% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

Several institutional investors and hedge funds have recently modified their holdings of QS. Vanguard Group Inc. raised its stake in shares of QuantumScape by 2.2% in the first quarter. Vanguard Group Inc. now owns 30,484,915 shares of the company’s stock valued at $191,750,000 after acquiring an additional 656,646 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in QuantumScape during the 2nd quarter worth about $1,950,000. American Century Companies Inc. raised its position in 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 in the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $33,671,000 after buying an additional 218,743 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of QuantumScape during the first quarter worth about $1,002,000. Hedge funds and other institutional investors 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.