QuantumScape (NYSE:QS) Stock Price Down 3.2% on Disappointing Earnings

QuantumScape Co. (NYSE:QS)’s stock price fell 3.2% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $7.56 and last traded at $7.79. 3,858,939 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 9,361,397 shares. The stock had previously closed at $8.05.

The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). During the same quarter in the previous year, the business posted ($0.26) EPS.

Analysts Set New Price Targets

QS has been the topic of several research analyst reports. Truist Financial dropped their price objective on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, April 22nd. UBS Group dropped their price objective on shares of QuantumScape from $9.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, QuantumScape has a consensus rating of “Hold” and a consensus target price of $6.45.

Insiders Place Their Bets

In other news, insider Mohit Singh sold 173,224 shares of QuantumScape stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $7.04, for a total value of $1,219,496.96. Following the completion of the sale, the insider now owns 1,196,905 shares in the company, valued at approximately $8,426,211.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Mohit Singh sold 173,224 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $7.04, for a total transaction of $1,219,496.96. Following the transaction, the insider now owns 1,196,905 shares in the company, valued at approximately $8,426,211.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Hettrich sold 45,848 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $5.61, for a total transaction of $257,207.28. Following the transaction, the chief financial officer now owns 1,145,821 shares in the company, valued at approximately $6,428,055.81. The disclosure for this sale can be found here. In the last 90 days, insiders sold 847,562 shares of company stock worth $4,869,703. 10.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Householder Group Estate & Retirement Specialist LLC raised its holdings in QuantumScape by 34.5% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 11,160 shares of the company’s stock worth $77,000 after buying an additional 2,861 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of QuantumScape by 26.4% in the 4th quarter. Victory Capital Management Inc. now owns 43,752 shares of the company’s stock worth $304,000 after acquiring an additional 9,135 shares in the last quarter. HBK Sorce Advisory LLC grew its stake in shares of QuantumScape by 11.7% in the 4th quarter. HBK Sorce Advisory LLC now owns 21,551 shares of the company’s stock worth $150,000 after acquiring an additional 2,264 shares in the last quarter. Simplicity Solutions LLC bought a new stake in shares of QuantumScape in the 4th quarter worth $719,000. Finally, HighPoint Advisor Group LLC bought a new stake in shares of QuantumScape in the 4th quarter worth $97,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

QuantumScape Price Performance

The company has a quick ratio of 10.38, a current ratio of 10.38 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average price is $5.96 and its 200-day moving average price is $6.19.

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.