QuantumScape (NYSE:QS) Shares Up 6.4% - Here's Why

Key Points

• QuantumScape's stock rose by 6.4%, trading at $8.81 after reaching a high of $9.01, though the trading volume declined significantly by 45% from its average.
• Analysts have mixed views on QuantumScape, with price targets ranging from $2.50 to $11.00, resulting in a consensus hold rating and target price of $5.90.
• Insider transactions revealed significant sell-offs, with insiders collectively selling over 4 million shares worth approximately $35.5 million in the last quarter, indicating a potential lack of confidence among insiders.

QuantumScape Corporation (NYSE:QS - Get Free Report) traded up 6.4% during trading on Thursday . The stock traded as high as $9.01 and last traded at $8.81. 13,437,656 shares changed hands during trading, a decline of 45% from the average session volume of 24,403,775 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

QS has been the topic of several recent research reports. Robert W. Baird upped their price target on QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. The Goldman Sachs Group lowered their target price on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a report on Monday, April 28th. TD Cowen upgraded shares of QuantumScape to a "hold" rating in a research note on Monday, July 7th. Finally, UBS Group downgraded QuantumScape from a "neutral" rating to a "sell" rating and reduced their price target for the company from $5.00 to $2.50 in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $5.90.

QuantumScape Stock Up 11.6%

The firm has a 50-day moving average of $7.44 and a two-hundred day moving average of $5.45. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of -10.75 and a beta of 4.43. The company has a current ratio of 16.40, a quick ratio of 16.40 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). The firm had revenue of $36.67 million for the quarter. During the same quarter 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 fiscal year.

Insider Buying and Selling at QuantumScape

In other news, insider Michael O. Mccarthy III sold 500,000 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $11.60, for a total transaction of $5,800,000.00. Following the sale, the insider owned 1,467,183 shares of the company's stock, valued at $17,019,322.80. This trade represents a 25.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mohit Singh sold 465,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $8.21, for a total value of $3,817,650.00. Following the sale, the insider directly owned 1,641,711 shares of the company's stock, valued at approximately $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 sold a total of 4,089,468 shares of company stock worth $35,534,411 over the last quarter. 12.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On QuantumScape

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in QuantumScape by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 5,882,031 shares of the company's stock worth $30,538,000 after purchasing an additional 28,073 shares in the last quarter. ExodusPoint Capital Management LP lifted its position in shares of QuantumScape by 64.2% during the 4th quarter. ExodusPoint Capital Management LP now owns 261,078 shares of the company's stock worth $1,355,000 after buying an additional 102,120 shares in the last quarter. Polymer Capital Management US LLC purchased a new position in QuantumScape in the fourth quarter valued at approximately $133,000. Invesco Ltd. boosted its position in shares of QuantumScape by 8.3% in the fourth quarter. Invesco Ltd. now owns 1,550,012 shares of the company's stock valued at $8,045,000 after acquiring an additional 118,710 shares during the period. Finally, Legal & General Group Plc grew its position in QuantumScape by 1.5% in the fourth quarter. Legal & General Group Plc now owns 405,363 shares of the company's stock worth $2,104,000 after acquiring an additional 5,838 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.

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