QuantumScape (NYSE:QS) Reaches New 1-Year High - Here's What Happened

Key Points

• QuantumScape's stock price reached a new 52-week high, trading at $17.79, and closing at $17.02, with a significant trading volume of 63,183,351 shares.
• Analysts have mixed ratings on QuantumScape, with a consensus rating of "Reduce" and a target price of $5.88, as recent reports indicate both upgrades and downgrades from various firms.
• Insider selling has been notable, with significant transactions reported, including the sale of 500,000 shares worth $5.8 million by an insider, indicating a 25.42% decrease in their ownership position.

QuantumScape Corporation (NYSE:QS - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $17.79 and last traded at $17.02, with a volume of 63183351 shares changing hands. The stock had previously closed at $14.70.

Wall Street Analysts Forecast Growth

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

QuantumScape Stock Up 15.8%

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 company has a market capitalization of $9.64 billion, a PE ratio of -19.79 and a beta of 4.85. The business's 50-day simple moving average is $10.59 and its 200-day simple moving average is $7.43.

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

Insider Buying and Selling at QuantumScape

In other QuantumScape news, insider Michael O. Mccarthy III sold 500,000 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $11.60, for a total transaction of $5,800,000.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Fritz Prinz sold 929,813 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 161,343 shares of the company's stock, valued at $1,874,805.66. This represents a 85.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, 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 Investors Weigh In On QuantumScape

A number of hedge funds and other institutional investors have recently made changes to their positions in QS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of QuantumScape by 456.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,759,334 shares of the company's stock worth $19,799,000 after purchasing an additional 3,904,168 shares during the period. Vanguard Group Inc. grew its stake in shares of QuantumScape by 9.0% during the 1st quarter. Vanguard Group Inc. now owns 35,351,974 shares of the company's stock worth $147,064,000 after purchasing an additional 2,911,362 shares during the period. BNP Paribas Financial Markets grew its stake in shares of QuantumScape by 2,036.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,452,835 shares of the company's stock worth $16,483,000 after purchasing an additional 2,338,038 shares during the period. JPMorgan Chase & Co. grew its stake in shares of QuantumScape by 1,005.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,982,578 shares of the company's stock worth $13,323,000 after purchasing an additional 1,803,196 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of QuantumScape by 148.0% during the 2nd quarter. Bank of America Corp DE now owns 2,803,989 shares of the company's stock worth $18,843,000 after purchasing an additional 1,673,472 shares during the period. Institutional investors and hedge funds own 29.87% of the company's stock.

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.

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