Virtu Financial LLC Lowers Stock Holdings in QuantumScape Corporation $QS

Key Points

• Virtu Financial LLC significantly reduced its stake in QuantumScape Corporation, cutting its position by 86% and ending up with 27,685 shares valued at $115,000.
• A variety of institutional investors have increased their holdings in QuantumScape, with Townsquare Capital LLC raising its stake by 150.9%, now owning 85,167 shares worth $354,000.
• Analysts have mixed opinions on QuantumScape, with an average rating of "Hold" and a consensus price target of $5.90, while Goldman Sachs has a "sell" rating with a price target decrease from $3.00 to $2.50.

Virtu Financial LLC decreased its stake in QuantumScape Corporation (NYSE:QS - Free Report) by 86.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,685 shares of the company's stock after selling 169,567 shares during the quarter. Virtu Financial LLC's holdings in QuantumScape were worth $115,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Birchcreek Wealth Management LLC boosted its stake in shares of QuantumScape by 11.5% in the first quarter. Birchcreek Wealth Management LLC now owns 25,183 shares of the company's stock worth $105,000 after buying an additional 2,600 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in QuantumScape by 19.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,199 shares of the company's stock worth $94,000 after purchasing an additional 2,997 shares during the period. Wealthfront Advisers LLC raised its holdings in QuantumScape by 22.6% in the 1st quarter. Wealthfront Advisers LLC now owns 19,349 shares of the company's stock worth $80,000 after purchasing an additional 3,571 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in QuantumScape by 9.4% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 44,087 shares of the company's stock worth $229,000 after purchasing an additional 3,787 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in QuantumScape by 9.7% in the 1st quarter. Victory Capital Management Inc. now owns 48,399 shares of the company's stock worth $201,000 after purchasing an additional 4,293 shares during the period. Hedge funds and other institutional investors own 29.87% of the company's stock.

Insiders Place Their Bets

In other news, Director Fritz Prinz sold 929,813 shares of the firm's stock in a transaction 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 transaction, the director directly owned 161,343 shares in the company, valued at $1,874,805.66. This trade represents a 85.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael O. Mccarthy III sold 500,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $11.60, for a total value of $5,800,000.00. Following the transaction, the insider owned 1,467,183 shares of the company's stock, valued at approximately $17,019,322.80. This represents a 25.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,018,040 shares of company stock valued at $35,219,414. 5.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

QS has been the subject of a number of analyst reports. Robert W. Baird upped their price target on QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. TD Cowen raised QuantumScape to a "hold" rating in a report on Monday, July 7th. Finally, The Goldman Sachs Group reduced their price target on QuantumScape from $3.00 to $2.50 and set a "sell" rating for the company in a report on Monday, April 28th. Seven equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $5.90.

QuantumScape Trading Down 10.3%

QuantumScape stock traded down $0.9050 during mid-day trading on Tuesday, hitting $7.8950. The company's stock had a trading volume of 24,326,841 shares, compared to its average volume of 24,531,629. The firm has a market capitalization of $4.47 billion, a PE ratio of -9.18 and a beta of 4.43. QuantumScape Corporation has a 1 year low of $3.40 and a 1 year 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. The stock's fifty day moving average is $8.24 and its two-hundred day moving average is $5.68.

QuantumScape (NYSE:QS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The business had revenue of $36.67 million during the quarter. During the same period last year, the firm earned ($0.25) EPS. On average, analysts anticipate that QuantumScape Corporation will post -0.82 EPS for the current 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.