QuantumScape (NYSE:QS) Trading 18.2% Higher - Here's What Happened

QuantumScape Corporation (NYSE:QS - Get Free Report) shares rose 18.2% during mid-day trading on Thursday . The company traded as high as $13.61 and last traded at $13.41. Approximately 50,493,855 shares changed hands during trading, an increase of 231% from the average daily volume of 15,262,175 shares. The stock had previously closed at $11.35.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on QS. The Goldman Sachs Group cut their price target on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a report on Monday, April 28th. UBS Group downgraded QuantumScape from a "neutral" rating to a "sell" rating and dropped their price target for the company from $5.00 to $2.50 in a research note on Thursday, April 10th. Robert W. Baird cut their price objective on QuantumScape from $8.00 to $6.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Finally, TD Cowen raised QuantumScape to a "hold" rating in a report on Monday, July 7th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat, QuantumScape currently has a consensus rating of "Hold" and a consensus target price of $5.19.

QuantumScape Trading Up 7.6%

The firm has a market cap of $8.18 billion, a PE ratio of -16.08 and a beta of 4.42. The company has a current ratio of 16.66, a quick ratio of 16.66 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average price of $5.82 and a 200 day moving average price of $5.03.

QuantumScape (NYSE:QS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). During the same quarter in the prior year, the business posted ($0.24) EPS. Analysts forecast that QuantumScape Corporation will post -0.82 EPS for the current year.

Insiders Place Their Bets

In related news, insider Mohit Singh sold 465,000 shares of QuantumScape stock in a transaction 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 transaction, the insider owned 1,641,711 shares in the company, valued at approximately $13,478,447.31. This trade represents a 22.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fritz Prinz sold 864,708 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $7.02, for a total value of $6,070,250.16. Following the completion of the sale, the director owned 81,364 shares of the company's stock, valued at approximately $571,175.28. This trade represents a 91.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,589,468 shares of company stock valued at $18,114,411 in the last ninety days. Insiders own 12.03% of the company's stock.

Institutional Trading of QuantumScape

Several institutional investors have recently modified their holdings of QS. Charles Schwab Investment Management Inc. increased its stake in QuantumScape by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,331,966 shares of the company's stock valued at $12,103,000 after buying an additional 104,894 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of QuantumScape in the 4th quarter valued at $1,527,000. Swiss National Bank boosted its holdings in QuantumScape by 2.2% in the fourth quarter. Swiss National Bank now owns 754,700 shares of the company's stock worth $3,917,000 after purchasing an additional 16,500 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in QuantumScape by 9.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 481,916 shares of the company's stock worth $2,501,000 after purchasing an additional 41,712 shares during the last quarter. Finally, Xponance Inc. grew its stake in QuantumScape by 17.8% in the 4th quarter. Xponance Inc. now owns 15,862 shares of the company's stock valued at $82,000 after buying an additional 2,400 shares during 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.