QuantumScape (NYSE:QS) Trading Up 10.5% - Here's Why

Key Points

• QuantumScape shares experienced a significant increase of 10.5%, trading at $17.06 after reaching a high of $17.71 during the session, on a trading volume of approximately 43.37 million shares.
• Analysts have provided varied ratings for QuantumScape, with Robert W. Baird raising its price target to $11.00 while Weiss Ratings maintains a sell rating; the average price target is currently $7.66.
• Insider transactions have raised concerns, with substantial sales of shares reported recently, totaling over 2.84 million shares sold by insiders in the last quarter.

QuantumScape Corporation (NYSE:QS - Get Free Report)'s share price was up 10.5% during trading on Wednesday . The stock traded as high as $17.71 and last traded at $17.06. Approximately 43,367,598 shares traded hands during trading, an increase of 48% from the average daily volume of 29,236,449 shares. The stock had previously closed at $15.44.

Analyst Upgrades and Downgrades

Several analysts recently commented on QS shares. Robert W. Baird raised their price objective on QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of QuantumScape in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $10.00 price objective on QuantumScape and gave the stock a "hold" rating in a research note on Thursday, October 23rd. TD Cowen lifted their price target on QuantumScape from $5.00 to $16.00 and gave the company a "hold" rating in a research note on Thursday, October 30th. Finally, Cowen reissued a "hold" rating on shares of QuantumScape in a research note on Thursday, October 30th. Eight equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, QuantumScape currently has an average rating of "Reduce" and an average price target of $7.66.

QuantumScape Stock Up 10.5%

The firm has a market cap of $10.26 billion, a P/E ratio of -21.06 and a beta of 4.83. The company has a quick ratio of 21.14, a current ratio of 21.14 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average of $12.95 and a 200-day moving average of $8.83.

QuantumScape (NYSE:QS - Get Free Report) last released its earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). The company had revenue of ($36.67) million for the quarter. During the same quarter in the previous year, the firm earned ($0.23) EPS. On average, equities research analysts anticipate that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insider Activity

In other news, CTO Timothy Holme sold 176,352 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $7.55, for a total value of $1,331,457.60. Following the transaction, the chief technology officer owned 1,445,304 shares of the company's stock, valued at approximately $10,912,045.20. This represents a 10.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mohit Singh sold 220,000 shares of the company's stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $15.09, for a total value of $3,319,800.00. Following the completion of the transaction, the insider directly owned 1,420,054 shares in the company, valued at $21,428,614.86. The trade was a 13.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,844,134 shares of company stock valued at $41,397,924. 5.48% of the stock is owned by insiders.

Hedge Funds Weigh In On QuantumScape

Several institutional investors and hedge funds have recently made changes to their positions in the company. M&T Bank Corp grew its position in QuantumScape by 97.2% during the first quarter. M&T Bank Corp now owns 39,964 shares of the company's stock worth $166,000 after buying an additional 19,694 shares in the last quarter. Perbak Capital Partners LLP bought a new position in shares of QuantumScape in the 1st quarter valued at $353,000. Nuveen LLC bought a new position in shares of QuantumScape in the 1st quarter valued at $2,819,000. CacheTech Inc. bought a new position in shares of QuantumScape in the 1st quarter valued at $130,000. Finally, Private Advisory Group LLC raised its position in QuantumScape by 17.1% during the 1st quarter. Private Advisory Group LLC now owns 447,478 shares of the company's stock worth $1,862,000 after purchasing an additional 65,237 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.

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