QuantumScape (NYSE:QS) Stock Price Down 10.8% - Here's What Happened

QuantumScape Corporation (NYSE:QS - Get Free Report) fell 10.8% during mid-day trading on Monday . The company traded as low as $11.56 and last traded at $13.07. 71,480,416 shares traded hands during mid-day trading, an increase of 341% from the average session volume of 16,204,233 shares. The stock had previously closed at $14.64.

Analysts Set New Price Targets

A number of brokerages have issued reports on QS. Robert W. Baird boosted their target price on QuantumScape from $6.00 to $11.00 and gave the company a "neutral" rating in a research report on Thursday. TD Cowen raised QuantumScape to a "hold" rating in a research report on Monday, July 7th. UBS Group lowered QuantumScape from a "neutral" rating to a "sell" rating and cut their price objective for the stock from $5.00 to $2.50 in a research report on Thursday, April 10th. Finally, The Goldman Sachs Group cut their price objective on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a research report on Monday, April 28th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, QuantumScape currently has a consensus rating of "Hold" and a consensus price target of $5.90.

QuantumScape Trading Down 1.7%

The company has a debt-to-equity ratio of 0.03, a current ratio of 16.66 and a quick ratio of 16.66. The business's 50 day moving average is $6.51 and its 200 day moving average is $5.22. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of -14.66 and a beta of 4.42.

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

Insider Buying and Selling at QuantumScape

In other QuantumScape news, insider Mohit Singh sold 465,000 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $8.21, for a total value of $3,817,650.00. Following the completion of the transaction, the insider owned 1,641,711 shares in the company, valued at $13,478,447.31. This represents a 22.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Fritz Prinz sold 864,708 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $7.02, for a total transaction of $6,070,250.16. Following the completion of the transaction, the director owned 81,364 shares of the company's stock, valued at $571,175.28. This represents a 91.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,589,468 shares of company stock worth $18,114,411 over the last 90 days. Corporate insiders own 12.03% of the company's stock.

Institutional Investors Weigh In On QuantumScape

Hedge funds have recently made changes to their positions in the business. Xponance Inc. raised its holdings in QuantumScape by 17.8% during the fourth quarter. Xponance Inc. now owns 15,862 shares of the company's stock worth $82,000 after purchasing an additional 2,400 shares in the last quarter. Birchcreek Wealth Management LLC raised its holdings in QuantumScape by 11.5% during the first quarter. Birchcreek Wealth Management LLC now owns 25,183 shares of the company's stock worth $105,000 after purchasing an additional 2,600 shares in the last quarter. HighTower Advisors LLC raised its holdings in QuantumScape by 13.7% during the first quarter. HighTower Advisors LLC now owns 23,611 shares of the company's stock worth $98,000 after purchasing an additional 2,838 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in QuantumScape by 19.7% during the fourth 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 in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in QuantumScape by 2.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 158,579 shares of the company's stock worth $823,000 after purchasing an additional 3,180 shares in the last quarter. 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.