QuantumScape (NYSE:QS) Stock Price Down 2% - Here's What Happened

Key Points

• QuantumScape's stock price fell by 2% to $7.76, with a significant trading volume decline of 77% compared to its average daily volume.
• The company has received mixed ratings from analysts, with a current consensus rating of "Reduce" and an average price target of $5.90.
• Insiders have sold a substantial amount of QuantumScape shares, with over 4 million shares worth approximately $35 million sold in the last quarter.

QuantumScape Corporation (NYSE:QS - Get Free Report) dropped 2% during trading on Wednesday . The stock traded as low as $7.65 and last traded at $7.76. Approximately 5,559,867 shares changed hands during trading, a decline of 77% from the average daily volume of 24,405,266 shares. The stock had previously closed at $7.91.

Analyst Upgrades and Downgrades

QS has been the subject of several recent research reports. TD Cowen upgraded QuantumScape to a "hold" rating in a report on Monday, July 7th. Robert W. Baird lifted their target price on QuantumScape from $6.00 to $11.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, The Goldman Sachs Group cut their target price on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a research report on Monday, April 28th. Seven equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, QuantumScape currently has a consensus rating of "Reduce" and an average price target of $5.90.

QuantumScape Stock Performance

The business has a 50 day moving average of $8.31 and a 200 day moving average of $5.69. The company has a market capitalization of $4.41 billion, a P/E ratio of -9.04 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.

QuantumScape (NYSE:QS - Get Free Report) last released 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 firm had revenue of $36.67 million for the quarter. During the same quarter in the prior year, the firm earned ($0.25) EPS. On average, sell-side analysts predict that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In other QuantumScape news, insider Michael O. Mccarthy III sold 500,000 shares of QuantumScape 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 completion of the sale, the insider owned 1,467,183 shares of the company's stock, valued at approximately $17,019,322.80. The trade was a 25.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Fritz Prinz sold 929,813 shares of QuantumScape stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $11.62, for a total value of $10,804,427.06. Following the sale, the director directly owned 161,343 shares of the company's stock, valued at approximately $1,874,805.66. This represents a 85.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,018,040 shares of company stock worth $35,219,414 over the last quarter. Company insiders own 5.48% of the company's stock.

Hedge Funds Weigh In On QuantumScape

Several institutional investors and hedge funds have recently modified their holdings of QS. Baird Financial Group Inc. increased its stake in QuantumScape by 8.5% during the 2nd quarter. Baird Financial Group Inc. now owns 18,575 shares of the company's stock worth $125,000 after buying an additional 1,450 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in QuantumScape by 54.5% during the second quarter. PNC Financial Services Group Inc. now owns 5,565 shares of the company's stock worth $37,000 after purchasing an additional 1,963 shares in the last quarter. Wealthfront Advisers LLC lifted its stake in QuantumScape by 12.9% during the second quarter. Wealthfront Advisers LLC now owns 21,844 shares of the company's stock worth $147,000 after purchasing an additional 2,495 shares in the last quarter. Birchcreek Wealth Management LLC lifted its stake 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. Finally, HighTower Advisors LLC lifted its stake 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. Hedge funds and other institutional investors 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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