QuantumScape Co. (NYSE:QS) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in QuantumScape Co. (NYSE:QS - Free Report) by 77.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,020 shares of the company's stock after selling 270,009 shares during the period. Bank of America Corp DE's holdings in QuantumScape were worth $400,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in QS. Empowered Funds LLC purchased a new stake in QuantumScape during the fourth quarter worth $53,000. Atlas Legacy Advisors LLC acquired a new position in QuantumScape during the fourth quarter worth $53,000. Essex Financial Services Inc. acquired a new position in QuantumScape during the fourth quarter worth $54,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in QuantumScape during the fourth quarter worth $57,000. Finally, SVB Wealth LLC acquired a new position in QuantumScape during the fourth quarter worth $67,000. 29.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QS has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their price objective on shares of QuantumScape from $3.00 to $2.50 and set a "sell" rating for the company in a research report on Monday, April 28th. Robert W. Baird reduced their target price on shares of QuantumScape from $8.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Evercore ISI reiterated a "hold" rating on shares of QuantumScape in a research report on Tuesday, February 25th. UBS Group cut shares of QuantumScape from a "neutral" rating to a "sell" rating and reduced their target price for the company from $5.00 to $2.50 in a research report on Thursday, April 10th. Finally, Truist Financial reduced their target price on shares of QuantumScape from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Friday, February 14th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.19.

Insiders Place Their Bets

In other news, Director Fritz Prinz sold 61,523 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $3.94, for a total value of $242,400.62. Following the completion of the transaction, the director now owns 231,530 shares of the company's stock, valued at approximately $912,228.20. This trade represents a 20.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mohit Singh sold 71,428 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $4.41, for a total transaction of $314,997.48. Following the completion of the transaction, the insider now directly owns 1,640,998 shares of the company's stock, valued at approximately $7,236,801.18. The trade was a 4.17% decrease in their position. The disclosure for this sale can be found here. 12.03% of the stock is currently owned by insiders.

QuantumScape Trading Down 3.6%

QuantumScape stock traded down $0.16 during midday trading on Friday, hitting $4.33. 8,637,004 shares of the stock were exchanged, compared to its average volume of 11,655,361. QuantumScape Co. has a fifty-two week low of $3.40 and a fifty-two week high of $9.52. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -4.61 and a beta of 4.27. The stock's 50-day simple moving average is $4.03 and its 200 day simple moving average is $4.63. The company has a current ratio of 14.07, a quick ratio of 14.07 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). During the same period in the previous year, the business posted ($0.24) EPS. On average, equities analysts anticipate that QuantumScape Co. will post -0.82 EPS for the current year.

QuantumScape 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.