LPL Financial LLC Cuts Position in QuantumScape Corporation $QS

Key Points

• LPL Financial LLC has reduced its position in QuantumScape Corporation by 11.0%, selling 58,965 shares to hold approximately 476,632 shares valued at $1,983,000.
• Multiple hedge funds have adjusted their stakes in QuantumScape, with Zurcher Kantonalbank increasing its position by 14.1% and Cetera Investment Advisers boosting its holdings by 28.5% during the first quarter.
• Analyst opinions on QuantumScape vary, with Goldman Sachs lowering its target price from $3.00 to $2.50, while Robert W. Baird increased their price objective from $6.00 to $11.00, indicating a mixed outlook on the stock.

LPL Financial LLC decreased its holdings in QuantumScape Corporation (NYSE:QS - Free Report) by 11.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 476,632 shares of the company's stock after selling 58,965 shares during the period. LPL Financial LLC owned approximately 0.09% of QuantumScape worth $1,983,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of QuantumScape by 14.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 75,591 shares of the company's stock worth $314,000 after buying an additional 9,364 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of QuantumScape by 28.5% during the first quarter. Cetera Investment Advisers now owns 64,169 shares of the company's stock valued at $267,000 after acquiring an additional 14,225 shares during the period. Birchcreek Wealth Management LLC raised its stake in shares of QuantumScape by 11.5% during the first quarter. Birchcreek Wealth Management LLC now owns 25,183 shares of the company's stock valued at $105,000 after purchasing an additional 2,600 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of QuantumScape during the first quarter valued at about $74,000. Finally, Hollencrest Capital Management raised its position in QuantumScape by 333.3% in the first quarter. Hollencrest Capital Management now owns 6,500 shares of the company's stock worth $27,000 after acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 29.87% of the company's stock.

Analyst Upgrades and Downgrades

QS has been the topic of several research analyst reports. The Goldman Sachs Group lowered their target price on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a research note on Monday, April 28th. TD Cowen upgraded QuantumScape to a "hold" rating in a report on Monday, July 7th. Finally, Robert W. Baird boosted their price objective on QuantumScape from $6.00 to $11.00 and gave the company 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 company. According to MarketBeat, QuantumScape currently has an average rating of "Reduce" and an average price target of $5.90.

Insider Buying and Selling

In related news, Director Fritz Prinz sold 929,813 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $11.62, for a total transaction of $10,804,427.06. Following the completion of the sale, the director directly owned 161,343 shares of the company's stock, valued at approximately $1,874,805.66. This trade represents a 85.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael O. Mccarthy III sold 500,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $11.60, for a total value of $5,800,000.00. Following the sale, the insider directly owned 1,467,183 shares of the company's stock, valued at $17,019,322.80. The trade was a 25.42% 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 three months. Company insiders own 5.48% of the company's stock.

QuantumScape Stock Up 0.1%

Shares of NYSE:QS opened at $7.9150 on Thursday. The business's 50 day simple moving average is $8.37 and its two-hundred day simple moving average is $5.71. The firm has a market cap of $4.48 billion, a P/E ratio of -9.20 and a beta of 4.43. The company has a debt-to-equity ratio of 0.03, a quick ratio of 16.40 and a current ratio of 16.40. QuantumScape Corporation has a 52-week low of $3.40 and a 52-week high of $15.03.

QuantumScape (NYSE:QS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $36.67 million during the quarter. During the same quarter in the prior year, the firm posted ($0.25) EPS. As a group, research analysts forecast that QuantumScape Corporation will post -0.82 EPS for the current fiscal year.

QuantumScape Company 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.

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