QuantumScape (NYSE:QS) Posts Quarterly Earnings Results, Meets Estimates

Key Points

• QuantumScape reported quarterly earnings of ($0.18) per share, matching analysts' estimates.
• The company's stock traded down to $13.54, with a significant trading volume of over 56 million shares.
• Recent analyst reports show mixed ratings, with the average consensus price target set at $5.88 and multiple insiders selling shares recently.

QuantumScape (NYSE:QS - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.18) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.18), Zacks reports.

QuantumScape Price Performance

Shares of QS traded down $1.99 during midday trading on Wednesday, hitting $13.54. The company's stock had a trading volume of 56,438,577 shares, compared to its average volume of 28,425,123. The company has a quick ratio of 16.40, a current ratio of 16.40 and a debt-to-equity ratio of 0.03. QuantumScape has a one year low of $3.40 and a one year high of $19.07. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of -15.74 and a beta of 4.85. The company's fifty day simple moving average is $11.47 and its two-hundred day simple moving average is $7.92.

Wall Street Analyst Weigh In

QS has been the topic of a number of analyst reports. Robert W. Baird increased their price target on QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. TD Cowen raised QuantumScape to a "hold" rating in a report on Monday, July 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of QuantumScape in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, QuantumScape has an average rating of "Reduce" and a consensus price target of $5.88.

Insiders Place Their Bets

In other news, CFO Kevin Hettrich sold 9,800 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $13.94, for a total value of $136,612.00. Following the completion of the transaction, the chief financial officer owned 1,591,467 shares of the company's stock, valued at approximately $22,185,049.98. This represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey B. Straubel sold 157,171 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $13.94, for a total transaction of $2,190,963.74. Following the completion of the sale, the director owned 321,040 shares in the company, valued at approximately $4,475,297.60. The trade was a 32.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,327,870 shares of company stock valued at $26,819,135. 5.48% of the stock is owned by corporate insiders.

Institutional Trading of QuantumScape

A number of hedge funds have recently made changes to their positions in QS. FORA Capital LLC bought a new stake in shares of QuantumScape during the second quarter worth about $240,000. Headlands Technologies LLC acquired a new stake in QuantumScape during the 2nd quarter worth approximately $782,000. Captrust Financial Advisors grew its holdings in QuantumScape by 49.6% during the 2nd quarter. Captrust Financial Advisors now owns 51,237 shares of the company's stock worth $344,000 after acquiring an additional 16,981 shares during the last quarter. Tidal Investments LLC grew its holdings in QuantumScape by 17.7% during the 2nd quarter. Tidal Investments LLC now owns 212,211 shares of the company's stock worth $1,426,000 after acquiring an additional 31,946 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in QuantumScape by 18.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 27,863 shares of the company's stock valued at $187,000 after acquiring an additional 4,429 shares during the period. 29.87% of the stock is owned by institutional investors and hedge funds.

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.

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