Charles Schwab Investment Management Inc. Sells 62,031 Shares of QuantumScape Corporation $QS

Charles Schwab Investment Management Inc. trimmed its holdings in shares of QuantumScape Corporation (NYSE:QS - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,269,935 shares of the company's stock after selling 62,031 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.41% of QuantumScape worth $9,443,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Heck Capital Advisors LLC purchased a new position in QuantumScape during the 4th quarter worth $26,000. Raiffeisen Bank International AG bought a new position in shares of QuantumScape during the 4th quarter worth $29,000. Signaturefd LLC increased its stake in shares of QuantumScape by 2,086.1% during the first quarter. Signaturefd LLC now owns 6,121 shares of the company's stock valued at $25,000 after buying an additional 5,841 shares during the period. Federated Hermes Inc. raised its holdings in shares of QuantumScape by 660.0% in the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock valued at $26,000 after acquiring an additional 5,438 shares in the last quarter. Finally, Hollencrest Capital Management raised its holdings in shares of QuantumScape by 333.3% in the 1st quarter. Hollencrest Capital Management now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 5,000 shares in the last quarter. 29.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on QS. The Goldman Sachs Group decreased their price objective on QuantumScape from $3.00 to $2.50 and set a "sell" rating for the company in a research note on Monday, April 28th. TD Cowen raised QuantumScape to a "hold" rating in a research report on Monday, July 7th. Finally, Robert W. Baird raised their price target on shares of QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Seven analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $5.90.

QuantumScape Stock Performance

NYSE:QS opened at $8.04 on Tuesday. The company has a market cap of $4.55 billion, a P/E ratio of -9.35 and a beta of 4.43. The company's 50-day moving average price is $8.59 and its 200-day moving average price is $5.78. QuantumScape Corporation has a twelve month low of $3.40 and a twelve month high of $15.03. The company has a current ratio of 16.40, a quick ratio of 16.40 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $36.67 million during the quarter. During the same period in the previous year, the company posted ($0.25) earnings per share. On average, sell-side analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Insider Activity

In other QuantumScape news, CTO Timothy Holme sold 11,906 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $7.02, for a total value of $83,580.12. Following the transaction, the chief technology officer owned 1,661,928 shares of the company's stock, valued at $11,666,734.56. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mohit Singh sold 465,000 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $8.21, for a total transaction of $3,817,650.00. Following the completion of the transaction, the insider owned 1,641,711 shares in the company, valued at approximately $13,478,447.31. This represents a 22.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,956,517 shares of company stock worth $34,977,013 over the last quarter. 5.48% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.