QuantumScape (NYSE:QS) Stock Price Down 3.9% - Here's What Happened

Key Points

• QuantumScape's stock dropped by 3.9% to $15.51, with a trading volume of approximately 22 million shares, significantly lower than the average daily volume.
• Wall Street analysts have mixed reviews on the stock, with Weiss Ratings giving it a "sell" rating, while Robert W. Baird raised the price target from $6 to $11.
• Insider trading activity has increased, with a director selling over 157,000 shares, leading to a 31.1% decrease in their position, amidst a general trend of insiders selling a total of 2.3 million shares in the last three months.

QuantumScape Corporation (NYSE:QS - Get Free Report) dropped 3.9% on Tuesday . The stock traded as low as $15.42 and last traded at $15.51. Approximately 22,161,119 shares were traded during trading, a decline of 22% from the average daily volume of 28,296,127 shares. The stock had previously closed at $16.14.

Wall Street Analysts Forecast Growth

QS has been the subject of a number of recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of QuantumScape in a report on Wednesday, October 8th. TD Cowen upgraded QuantumScape to a "hold" rating in a research report on Monday, July 7th. Finally, Robert W. Baird lifted their price objective on shares of QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Six research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, QuantumScape currently has a consensus rating of "Reduce" and an average price target of $5.88.

QuantumScape Stock Down 3.9%

The firm has a market cap of $8.78 billion, a PE ratio of -18.03 and a beta of 4.85. The company has a current ratio of 16.40, a quick ratio of 16.40 and a debt-to-equity ratio of 0.03. The business's 50-day simple moving average is $11.34 and its 200 day simple moving average is $7.86.

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

Insider Buying and Selling

In other news, Director Jeffrey B. Straubel sold 157,180 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $9.20, for a total transaction of $1,446,056.00. Following the completion of the sale, the director owned 348,146 shares in the company, valued at $3,202,943.20. This trade represents a 31.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Timothy Holme sold 176,352 shares of QuantumScape stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $7.55, for a total value of $1,331,457.60. Following the completion of the sale, the chief technology officer directly owned 1,445,304 shares of the company's stock, valued at $10,912,045.20. The trade was a 10.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,327,870 shares of company stock worth $26,819,135. 5.48% of the stock is currently owned by corporate insiders.

Institutional Trading of QuantumScape

Several hedge funds and other institutional investors have recently made changes to their positions in QS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in QuantumScape by 456.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,759,334 shares of the company's stock valued at $19,799,000 after buying an additional 3,904,168 shares in the last quarter. Vanguard Group Inc. increased its holdings in QuantumScape by 9.0% during the 1st quarter. Vanguard Group Inc. now owns 35,351,974 shares of the company's stock valued at $147,064,000 after acquiring an additional 2,911,362 shares in the last quarter. BNP Paribas Financial Markets raised its position in QuantumScape by 2,036.7% during the second quarter. BNP Paribas Financial Markets now owns 2,452,835 shares of the company's stock worth $16,483,000 after acquiring an additional 2,338,038 shares during the last quarter. JPMorgan Chase & Co. raised its position in QuantumScape by 1,005.2% during the second quarter. JPMorgan Chase & Co. now owns 1,982,578 shares of the company's stock worth $13,323,000 after acquiring an additional 1,803,196 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of QuantumScape by 148.0% in the second quarter. Bank of America Corp DE now owns 2,803,989 shares of the company's stock valued at $18,843,000 after purchasing an additional 1,673,472 shares in the last quarter. Hedge funds and other institutional investors own 29.87% of the company's stock.

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.

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