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

Key Points

• QuantumScape's stock price rose from a previous close of $8.30 to an opening of $9.00 on Tuesday, with a trading volume of nearly 9.8 million shares.
• Analysts have mixed opinions, with Goldman Sachs lowering their target price to $2.50 and a "sell" rating, while Robert W. Baird increased their target to $11.00 with a "neutral" rating.
• Insider sales were notable, with Director Fritz Prinz and insider Michael O. Mccarthy III selling significant shares, representing a decrease in their positions of 30.31% and 25.42%, respectively.

Shares of QuantumScape Corporation (NYSE:QS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $8.30, but opened at $9.00. QuantumScape shares last traded at $8.89, with a volume of 9,825,683 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Robert W. Baird increased their price objective on QuantumScape from $6.00 to $11.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. UBS Group downgraded shares of QuantumScape from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $5.00 to $2.50 in a report on Thursday, April 10th. The Goldman Sachs Group decreased their price objective on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a report on Monday, April 28th. Finally, TD Cowen raised shares of QuantumScape to a "hold" rating in a research report on Monday, July 7th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. Based on data from MarketBeat, QuantumScape currently has an average rating of "Hold" and a consensus target price of $5.90.

QuantumScape Stock Down 2.2%

The firm has a market cap of $5.11 billion, a price-to-earnings ratio of -10.53 and a beta of 4.43. The company has a quick ratio of 16.40, a current ratio of 16.40 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average of $7.54 and a 200 day moving average of $5.48.

QuantumScape (NYSE:QS - Get Free Report) last issued its quarterly earnings data 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 during the quarter. During the same period in the previous year, the business posted ($0.25) earnings per share. As a group, sell-side analysts predict that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insider Activity at QuantumScape

In other news, CTO Timothy Holme sold 358,330 shares of QuantumScape stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $7.03, for a total value of $2,519,059.90. Following the completion of the transaction, the chief technology officer owned 1,705,428 shares in the company, valued at $11,989,158.84. This trade 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 at the SEC website. Also, insider Mohit Singh sold 465,000 shares of the company's 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 sale, the insider owned 1,641,711 shares in the company, valued at $13,478,447.31. The trade was a 22.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,089,468 shares of company stock worth $35,534,411 in the last ninety days. Corporate insiders own 12.03% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in QuantumScape by 12.5% during the 2nd quarter. Geode Capital Management LLC now owns 6,914,680 shares of the company's stock valued at $46,475,000 after purchasing an additional 768,070 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of QuantumScape by 54.5% during the second quarter. PNC Financial Services Group Inc. now owns 5,565 shares of the company's stock valued at $37,000 after purchasing an additional 1,963 shares during the last quarter. Prospera Financial Services Inc raised its stake in QuantumScape by 76.3% during the second quarter. Prospera Financial Services Inc now owns 239,530 shares of the company's stock valued at $1,610,000 after buying an additional 103,684 shares during the last quarter. Rovin Capital UT ADV bought a new position in QuantumScape in the 2nd quarter worth about $119,000. Finally, North Capital Inc. purchased a new stake in shares of QuantumScape during the second quarter valued at approximately $27,000. 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.