QuantumScape (NYSE:QS) Stock Price Down 3.9% Following Analyst Downgrade

QuantumScape Co. (NYSE:QS - Get Free Report)'s stock price was down 3.9% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $3.00 to $2.50. The Goldman Sachs Group currently has a sell rating on the stock. QuantumScape traded as low as $3.85 and last traded at $3.83. Approximately 4,376,232 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 10,683,740 shares. The stock had previously closed at $3.98.

QS has been the subject of a number of other reports. UBS Group lowered shares of QuantumScape from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $5.00 to $2.50 in a research note on Thursday, April 10th. Truist Financial decreased their price objective on shares of QuantumScape from $7.00 to $6.00 and set a "hold" rating for the company in a report on Friday, February 14th. Robert W. Baird cut their target price on QuantumScape from $8.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday. Finally, Evercore ISI restated a "hold" rating on shares of QuantumScape in a research note on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat, QuantumScape presently has an average rating of "Hold" and a consensus target price of $5.19.

Insider Buying and Selling at QuantumScape

In other QuantumScape news, Director Fritz Prinz sold 12,908 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $5.22, for a total value of $67,379.76. Following the completion of the sale, the director now owns 228,287 shares in the company, valued at $1,191,658.14. This represents a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael O. Mccarthy III sold 76,315 shares of QuantumScape stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $5.23, for a total value of $399,127.45. Following the transaction, the insider now directly owns 1,010,523 shares in the company, valued at approximately $5,285,035.29. The trade was a 7.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,198 shares of company stock valued at $748,796. 12.03% of the stock is owned by company insiders.

Institutional Trading of QuantumScape

Several institutional investors and hedge funds have recently modified their holdings of QS. Teacher Retirement System of Texas bought a new position in shares of QuantumScape during the first quarter worth $236,000. Summit Trail Advisors LLC bought a new position in shares of QuantumScape in the 1st quarter valued at about $76,000. Mirae Asset Global Investments Co. Ltd. grew its position in QuantumScape by 39.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,266 shares of the company's stock worth $503,000 after acquiring an additional 32,625 shares in the last quarter. Palumbo Wealth Management LLC bought a new stake in QuantumScape during the first quarter worth approximately $131,000. Finally, Cambridge Investment Research Advisors Inc. raised its position in QuantumScape by 362.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 379,018 shares of the company's stock valued at $1,577,000 after purchasing an additional 297,097 shares during the period. 29.87% of the stock is currently owned by institutional investors.

QuantumScape Price Performance

The firm has a market capitalization of $2.17 billion, a P/E ratio of -4.22 and a beta of 4.37. The company has a current ratio of 14.07, a quick ratio of 14.07 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average price of $4.26 and a 200-day moving average price of $4.90.

QuantumScape (NYSE:QS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). During the same period in the prior year, the company posted ($0.24) earnings per share. On average, analysts expect that QuantumScape Co. will post -0.82 earnings per share for the current year.

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.