QuantumScape (NYSE:QS) Shares Down 6% - Here's What Happened

QuantumScape Corporation (NYSE:QS - Get Free Report) fell 6% during mid-day trading on Wednesday . The company traded as low as $12.74 and last traded at $12.98. 29,205,208 shares were traded during trading, an increase of 74% from the average session volume of 16,826,535 shares. The stock had previously closed at $13.80.

Analysts Set New Price Targets

QS has been the subject of a number of analyst reports. The Goldman Sachs Group decreased their price objective on shares of QuantumScape from $3.00 to $2.50 and set a "sell" rating for the company in a research report on Monday, April 28th. TD Cowen raised shares of QuantumScape to a "hold" rating in a report on Monday, July 7th. UBS Group lowered shares of QuantumScape from a "neutral" rating to a "sell" rating and cut their price target for the stock from $5.00 to $2.50 in a report on Thursday, April 10th. Finally, Robert W. Baird boosted their price target on shares of QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Thursday. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, QuantumScape currently has a consensus rating of "Hold" and an average price target of $5.90.

QuantumScape Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 16.66 and a quick ratio of 16.66. The stock's fifty day moving average is $6.66 and its 200-day moving average is $5.26. The stock has a market cap of $6.67 billion, a PE ratio of -13.88 and a beta of 4.42.

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

Insiders Place Their Bets

In other QuantumScape news, CTO Timothy Holme sold 358,330 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $7.03, for a total transaction of $2,519,059.90. Following the completion of the transaction, the chief technology officer owned 1,705,428 shares of the company's stock, valued at $11,989,158.84. This trade represents a 17.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mohit Singh sold 465,000 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $8.21, for a total transaction of $3,817,650.00. Following the transaction, the insider directly owned 1,641,711 shares of the company's stock, valued at approximately $13,478,447.31. This trade represents a 22.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,589,468 shares of company stock valued at $29,734,411 over the last 90 days. 12.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of QS. Atria Wealth Solutions Inc. boosted its stake in shares of QuantumScape by 131.7% in the second quarter. Atria Wealth Solutions Inc. now owns 93,581 shares of the company's stock valued at $657,000 after purchasing an additional 53,200 shares during the period. KLP Kapitalforvaltning AS lifted its stake in QuantumScape by 12.2% in the second quarter. KLP Kapitalforvaltning AS now owns 87,200 shares of the company's stock worth $586,000 after acquiring an additional 9,500 shares during the last quarter. 111 Capital purchased a new position in QuantumScape in the second quarter worth approximately $131,000. SWP Financial LLC purchased a new position in QuantumScape in the second quarter worth approximately $67,000. Finally, GC Wealth Management RIA LLC purchased a new position in QuantumScape in the second quarter worth approximately $297,000. 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.