QuantumScape (NYSE:QS) Shares Down 5.2% – Here’s What Happened

Shares of QuantumScape Co. (NYSE:QS) fell 5.2% on Monday . The company traded as low as $5.26 and last traded at $5.32. 8,749,004 shares were traded during mid-day trading, a decline of 59% from the average session volume of 21,090,879 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

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

QuantumScape Stock Performance

The firm has a market cap of $2.71 billion, a PE ratio of -5.57 and a beta of 4.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07. The firm’s 50 day moving average price is $5.23 and its two-hundred day moving average price is $5.70.

QuantumScape (NYSE:QS) last posted its earnings results 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 quarter in the prior year, the firm posted ($0.23) earnings per share. On average, research analysts forecast that QuantumScape Co. will post -0.99 earnings per share for the current year.

Insider Activity at QuantumScape

In other news, CFO Kevin Hettrich sold 55,647 shares of QuantumScape stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $5.05, for a total transaction of $281,017.35. Following the sale, the chief financial officer now owns 1,022,743 shares in the company, valued at approximately $5,164,852.15. The trade was a 5.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jagdeep Singh sold 308,097 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.30, for a total value of $1,632,914.10. Following the transaction, the director now owns 2,563,767 shares in the company, valued at $13,587,965.10. This represents a 10.73 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 536,460 shares of company stock worth $2,903,619. Corporate insiders own 12.03% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

A number of hedge funds have recently added to or reduced their stakes in QS. Canada Pension Plan Investment Board acquired a new stake in shares of QuantumScape in the 2nd quarter valued at approximately $1,950,000. American Century Companies Inc. lifted its holdings in QuantumScape by 880.6% in the second quarter. American Century Companies Inc. now owns 352,286 shares of the company’s stock valued at $1,733,000 after acquiring an additional 316,361 shares during the period. Geode Capital Management LLC boosted its position in shares of QuantumScape by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock worth $33,671,000 after purchasing an additional 218,743 shares in the last quarter. Weiss Asset Management LP purchased a new position in shares of QuantumScape in the 3rd quarter valued at about $828,000. Finally, Nisa Investment Advisors LLC lifted 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 valued at $776,000 after purchasing an additional 133,000 shares during the period. 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.