QuantumScape (NYSE:QS) Sets New 52-Week Low - Here's Why

Key Points

• QuantumScape shares hit a new 52-week low, falling to $4.38 during Monday trading and trading below both their 50-day and 200-day moving averages.
• TD Cowen cut its price target from $8 to $6 and maintained a “Hold” rating; all five tracked analysts rate the stock Hold, despite a higher consensus target of $9.47.
• The company reported a quarterly loss of $0.16 per share, slightly better than expectations, while insiders sold nearly 295,000 shares worth about $1.47 million over the past 90 days.

QuantumScape Corporation (NYSE:QS - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday. The company traded as low as $4.38 and last traded at $4.3650, with a volume of 1,933,521 shares trading hands. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

Separately, TD Cowen cut their target price on QuantumScape from $8.00 to $6.00 and set a "hold" rating for the company in a research note on Friday, July 24th. Five investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, QuantumScape presently has an average rating of "Hold" and a consensus target price of $9.47.

QuantumScape Stock Performance

The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -5.33 and a beta of 2.83. The company has a quick ratio of 21.14, a current ratio of 21.14 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $5.36 and a 200 day simple moving average of $6.48.

QuantumScape (NYSE:QS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported ($0.16) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.02. The company's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) earnings per share. As a group, equities research analysts forecast that QuantumScape Corporation will post -0.82 EPS for the current year.

Insider Transactions at QuantumScape

In related news, CTO Timothy Holme sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $5.09, for a total value of $381,750.00. Following the completion of the transaction, the chief technology officer owned 1,583,075 shares of the company's stock, valued at $8,057,851.75. This represents a 4.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 294,599 shares of company stock worth $1,473,271. 3.93% of the stock is owned by corporate insiders.

Institutional Trading of QuantumScape

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in shares of QuantumScape by 134.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,735,035 shares of the company's stock valued at $36,570,000 after buying an additional 3,290,942 shares during the period. Bank of New York Mellon Corp bought a new position in QuantumScape in the 2nd quarter valued at approximately $9,619,000. Clear Street Group Inc. acquired a new stake in QuantumScape during the 4th quarter worth approximately $10,314,000. SG Americas Securities LLC boosted its position in QuantumScape by 219.8% during the 1st quarter. SG Americas Securities LLC now owns 307,363 shares of the company's stock worth $1,961,000 after buying an additional 563,842 shares during the period. Finally, AXQ Capital LP boosted its position in QuantumScape by 313.2% during the 2nd quarter. AXQ Capital LP now owns 463,653 shares of the company's stock worth $3,505,000 after buying an additional 351,451 shares during the period. Institutional investors and hedge funds own 29.87% of the company's stock.

QuantumScape Company Profile

QuantumScape Corporation is a development-stage battery technology company focused on solid-state lithium-metal batteries for electric vehicles and other applications. Its technology is designed to replace conventional lithium-ion battery components, including the graphite anode, with a lithium-metal anode and a solid ceramic separator.

The company is developing battery cells intended to offer higher energy density, faster charging, improved safety and longer operating range than many conventional lithium-ion batteries.

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