Michael O. Mccarthy III Sells 500,000 Shares of QuantumScape Corporation (NYSE:QS) Stock

Key Points

• Insider Activity: QuantumScape insider Michael O. McCarthy III sold 500,000 shares at an average price of $11.60, totaling $5.8 million, reducing his ownership stake by 25.42%.
• Stock Performance: The stock price declined by 15.4%, trading at $9.29, with a market capitalization of $5.19 billion and a significant trading volume of over 73 million shares.
• Analyst Ratings: Analysts have mixed opinions on QuantumScape, with a majority holding a "sell" or "hold" rating and an average target price of $5.90.

QuantumScape Corporation (NYSE:QS - Get Free Report) 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 completion of the sale, the insider directly owned 1,467,183 shares of the company's stock, valued at approximately $17,019,322.80. This trade represents a 25.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

QuantumScape Stock Down 4.0%

Shares of NYSE:QS traded down $0.34 during midday trading on Friday, hitting $8.26. 12,169,048 shares of the stock were exchanged, compared to its average volume of 24,128,650. The company has a debt-to-equity ratio of 0.03, a quick ratio of 16.66 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. The business's fifty day simple moving average is $7.09 and its two-hundred day simple moving average is $5.37. The company has a market capitalization of $4.62 billion, a PE ratio of -9.65 and a beta of 4.42.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Robert W. Baird raised their target price on QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. The Goldman Sachs Group decreased their target price on QuantumScape from $3.00 to $2.50 and set a "sell" rating for the company in a research report on Monday, April 28th. UBS Group cut QuantumScape from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $5.00 to $2.50 in a research report on Thursday, April 10th. Finally, TD Cowen raised QuantumScape to a "hold" rating in a research report on Monday, July 7th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.90.

Hedge Funds Weigh In On QuantumScape

Several institutional investors have recently bought and sold shares of QS. Heck Capital Advisors LLC bought a new position in shares of QuantumScape in the fourth quarter worth about $26,000. Raiffeisen Bank International AG bought a new position in shares of QuantumScape in the fourth quarter worth about $29,000. Signaturefd LLC increased its stake in shares of QuantumScape by 2,086.1% in the first quarter. Signaturefd LLC now owns 6,121 shares of the company's stock worth $25,000 after purchasing an additional 5,841 shares during the period. Federated Hermes Inc. increased its stake in shares of QuantumScape by 660.0% in the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock worth $26,000 after purchasing an additional 5,438 shares during the period. Finally, Hollencrest Capital Management increased its stake in shares of 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 purchasing an additional 5,000 shares during the period. 29.87% of the stock is currently owned by institutional investors.

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.