QuantumScape (NYSE:QS) Shares Gap Down - Here's What Happened

QuantumScape Corporation (NYSE:QS - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $14.64, but opened at $14.03. QuantumScape shares last traded at $12.12, with a volume of 41,902,114 shares changing hands.

Analyst Ratings Changes

QS has been the topic of several analyst reports. TD Cowen upgraded shares of QuantumScape to a "hold" rating in a research note on Monday, July 7th. The Goldman Sachs Group reduced their price objective 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 downgraded QuantumScape from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $5.00 to $2.50 in a research report on Thursday, April 10th. Finally, 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 note on Thursday. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $5.90.

QuantumScape Stock Performance

The firm has a 50-day moving average of $6.35 and a 200 day moving average of $5.18. The stock has a market capitalization of $7.05 billion, a P/E ratio of -13.85 and a beta of 4.42. The company has a quick ratio of 16.66, a current ratio of 16.66 and a debt-to-equity ratio of 0.03.

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

Insider Activity at QuantumScape

In other news, CTO Timothy Holme sold 358,330 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $7.03, for a total transaction of $2,519,059.90. Following the sale, the chief technology officer directly owned 1,705,428 shares of the company's stock, valued at $11,989,158.84. This represents a 17.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mohit Singh sold 465,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $8.21, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 2,589,468 shares of company stock valued at $18,114,411 over the last ninety days. 12.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Signaturefd LLC grew its holdings in QuantumScape by 2,086.1% in the 1st quarter. Signaturefd LLC now owns 6,121 shares of the company's stock valued at $25,000 after buying an additional 5,841 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of QuantumScape in the fourth quarter valued at about $26,000. Federated Hermes Inc. increased its position in QuantumScape by 660.0% during the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock worth $26,000 after acquiring an additional 5,438 shares during the period. Hollencrest Capital Management boosted its holdings in QuantumScape by 333.3% in the 1st quarter. Hollencrest Capital Management now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 5,000 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in QuantumScape during the fourth quarter worth approximately $29,000. 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.