Bank of America Corp DE Has $3.12 Million Stock Position in QuantumScape Corporation $QS

Key Points

• Bank of America reduced its QuantumScape position by 44.6% in the first quarter, selling 394,364 shares and retaining 489,816 shares valued at approximately $3.12 million. Institutional investors and hedge funds collectively own 29.87% of QS.
• Wall Street sentiment remains cautious: TD Cowen lowered its price target from $8 to $6, while analysts’ consensus rating is “Reduce” with an average target price of $9.47.
• QuantumScape shares opened at $5.61, near the lower end of their 52-week range of $4.77 to $19.07. Company insiders have sold 402,379 shares worth about $3.24 million over the past 90 days.

Bank of America Corp DE reduced its position in shares of QuantumScape Corporation (NYSE:QS - Free Report) by 44.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 489,816 shares of the company's stock after selling 394,364 shares during the period. Bank of America Corp DE owned about 0.08% of QuantumScape worth $3,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its position in QuantumScape by 685.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,794 shares of the company's stock worth $25,000 after acquiring an additional 3,311 shares during the last quarter. Danske Bank A S acquired a new position in QuantumScape in the fourth quarter worth $48,000. Comerica Bank boosted its stake in QuantumScape by 27,400.0% in the fourth quarter. Comerica Bank now owns 5,500 shares of the company's stock worth $57,000 after purchasing an additional 5,480 shares in the last quarter. CWM LLC grew its holdings in shares of QuantumScape by 126.8% during the fourth quarter. CWM LLC now owns 5,954 shares of the company's stock worth $62,000 after purchasing an additional 3,329 shares during the last quarter. Finally, Scarborough Advisors LLC grew its holdings in shares of QuantumScape by 568.9% during the fourth quarter. Scarborough Advisors LLC now owns 6,074 shares of the company's stock worth $63,000 after purchasing an additional 5,166 shares during the last quarter. 29.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on QuantumScape from $8.00 to $6.00 and set a "hold" rating for the company in a research note on Friday, July 24th. Five research 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 has a consensus rating of "Reduce" and a consensus target price of $9.47.

Insiders Place Their Bets

In other news, CTO Timothy Holme sold 12,723 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $6.01, for a total transaction of $76,465.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Hettrich sold 9,800 shares of the company's stock in a transaction dated 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 sale, the chief financial officer directly owned 1,816,257 shares of the company's stock, valued at approximately $13,222,350.96. This trade represents a 0.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 402,379 shares of company stock valued at $3,241,666. 3.93% of the stock is owned by insiders.

QuantumScape Price Performance

NYSE QS opened at $5.61 on Monday. The stock has a fifty day moving average of $6.19 and a 200-day moving average of $6.93. The stock has a market capitalization of $3.47 billion, a P/E ratio of -6.93 and a beta of 2.66. QuantumScape Corporation has a 52 week low of $4.77 and a 52 week high of $19.07. The company has a debt-to-equity ratio of 0.02, a quick ratio of 21.14 and a current ratio of 21.14.

QuantumScape (NYSE:QS - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.02. During the same quarter last year, the company earned ($0.20) EPS. The business's quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts forecast that QuantumScape Corporation will post -0.82 EPS for the current year.

QuantumScape Company Profile

QuantumScape Corporation is a development-stage company specializing in the research and commercialization of next-generation solid-state lithium-metal batteries for electric vehicles. The company's core technology replaces the traditional liquid electrolyte with a solid ceramic separator, aiming to deliver higher energy density, faster charging times and enhanced safety compared to conventional lithium-ion cells. QuantumScape's product roadmap focuses on enabling electric vehicle manufacturers to extend driving range and reduce charging downtime, addressing key barriers to widespread EV adoption.

Founded in 2010 and headquartered in San Jose, California, QuantumScape has attracted significant strategic investment and formed partnerships with leading automotive OEMs.

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