QuantumScape (NYSE:QS) Shares Up 5.3% – Here’s What Happened

QuantumScape Co. (NYSE:QS)’s share price shot up 5.3% on Wednesday . The stock traded as high as $5.77 and last traded at $5.53. 8,148,565 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 20,716,193 shares. The stock had previously closed at $5.25.

Wall Street Analyst Weigh In

QS has been the topic of a number of recent analyst reports. HSBC raised 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, November 19th. Truist Financial reaffirmed a “hold” rating and set a $7.00 target price (up from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. Finally, Hsbc Global Res raised QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, QuantumScape presently has an average rating of “Hold” and an average price target of $6.26.

QuantumScape Stock Up 1.7 %

The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of -5.62 and a beta of 4.46. 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 50-day moving average of $5.23 and a two-hundred day moving average of $5.70.

QuantumScape (NYSE:QS) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same quarter in the previous year, the business earned ($0.23) earnings per share. As a group, sell-side analysts anticipate that QuantumScape Co. will post -0.99 earnings per share for the current year.

Insider Buying and Selling at QuantumScape

In related news, insider Mohit Singh sold 97,305 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was 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 represents a 8.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jagdeep Singh sold 5,531 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.01, for a total value of $27,710.31. Following the completion of the transaction, the director now directly owns 2,590,583 shares of the company’s stock, valued at approximately $12,978,820.83. This trade represents a 0.21 % 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 over the last 90 days. 12.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QuantumScape

Several large investors have recently added to or reduced their stakes in QS. Canada Pension Plan Investment Board acquired a new position in QuantumScape in the 2nd quarter valued at approximately $1,950,000. American Century Companies Inc. raised its holdings in shares of QuantumScape by 880.6% in the 2nd quarter. American Century Companies Inc. now owns 352,286 shares of the company’s stock worth $1,733,000 after buying an additional 316,361 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $33,671,000 after buying an additional 218,743 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of QuantumScape in the 3rd quarter worth approximately $828,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of QuantumScape by 6,650.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 135,000 shares of the company’s stock worth $776,000 after buying an additional 133,000 shares in the last quarter. Institutional investors and hedge funds own 29.87% of the company’s stock.

QuantumScape Company Profile

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.