QuantumScape Corporation $QS Shares Sold by Towerview LLC

Key Points

• Towerview LLC reduced its stake in QuantumScape by 75% in Q2, selling 75,000 shares and leaving 25,000 shares worth about $168,000 (QS is 0.1% of Towerview’s holdings).
• Corporate insiders have been large sellers recently — including Director Brad W. Buss selling 300,000 shares (~$5.39M) and other insiders selling a total of 2,844,134 shares (~$41.4M) in the past three months, with insiders now owning 5.48%.
• Analysts are broadly cautious: eight Hold and three Sell ratings yield a MarketBeat consensus of "Reduce" and an average price target of $7.66, well below the stock’s recent trading level (~$15.91).

Towerview LLC reduced its stake in shares of QuantumScape Corporation (NYSE:QS - Free Report) by 75.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the company's stock after selling 75,000 shares during the quarter. QuantumScape accounts for 0.1% of Towerview LLC's holdings, making the stock its 18th largest position. Towerview LLC's holdings in QuantumScape were worth $168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. M&T Bank Corp increased its holdings in QuantumScape by 97.2% in the first quarter. M&T Bank Corp now owns 39,964 shares of the company's stock valued at $166,000 after buying an additional 19,694 shares in the last quarter. Perbak Capital Partners LLP acquired a new position in QuantumScape in the 1st quarter worth about $353,000. Nuveen LLC purchased a new position in QuantumScape during the first quarter worth approximately $2,819,000. CacheTech Inc. purchased a new stake in shares of QuantumScape in the first quarter valued at approximately $130,000. Finally, Private Advisory Group LLC raised its stake in shares of QuantumScape by 17.1% during the 1st quarter. Private Advisory Group LLC now owns 447,478 shares of the company's stock worth $1,862,000 after buying an additional 65,237 shares during the period. Institutional investors and hedge funds own 29.87% of the company's stock.

Analysts Set New Price Targets

QS has been the subject of several recent analyst reports. Robert W. Baird boosted their price target on shares of QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of QuantumScape in a research note on Wednesday, October 8th. TD Cowen raised their target price on shares of QuantumScape from $5.00 to $16.00 and gave the stock a "hold" rating in a research note on Thursday, October 30th. Cowen reaffirmed a "hold" rating on shares of QuantumScape in a report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft set a $10.00 price objective on QuantumScape and gave the stock a "hold" rating in a research report on Thursday, October 23rd. Eight investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $7.66.

Insiders Place Their Bets

In other QuantumScape news, Director Brad W. Buss sold 300,000 shares of the business's stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $17.98, for a total value of $5,394,000.00. Following the completion of the sale, the director owned 122,476 shares in the company, valued at approximately $2,202,118.48. The trade was a 71.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael O. Mccarthy III sold 50,000 shares of the firm's stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $15.78, for a total transaction of $789,000.00. Following the transaction, the insider directly owned 1,376,118 shares in the company, valued at $21,715,142.04. The trade was a 3.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 2,844,134 shares of company stock worth $41,397,924. Corporate insiders own 5.48% of the company's stock.

QuantumScape Trading Down 6.8%

QS opened at $15.91 on Friday. The business has a fifty day moving average price of $13.28 and a 200 day moving average price of $8.93. The company has a debt-to-equity ratio of 0.02, a current ratio of 21.14 and a quick ratio of 21.14. QuantumScape Corporation has a 12 month low of $3.40 and a 12 month high of $19.07. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of -19.64 and a beta of 4.83.

QuantumScape (NYSE:QS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.18). The business had revenue of ($36.67) million during the quarter. During the same quarter in the previous year, the company posted ($0.23) EPS. Sell-side analysts expect that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal 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.

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