QuantumScape (NYSE:QS) Trading Up 4% - Here's What Happened

Key Points

• QuantumScape's stock price increased by 4%, reaching $8.63 after trading as high as $9.11, with a notable trading volume of about 28.6 million shares, surpassing its average volume.
• Analysts have mixed opinions on QuantumScape, with price targets ranging from $2.50 to $11.00; the consensus rating is "Hold" with a price target of $5.90.
• Recent insider trading saw significant share sales, including 465,000 shares sold by insider Mohit Singh and 500,000 shares sold by Michael O. McCarthy III, demonstrating a reduction in insider ownership.

Shares of QuantumScape Corporation (NYSE:QS - Get Free Report) shot up 4% during trading on Tuesday . The company traded as high as $9.11 and last traded at $8.63. 28,653,652 shares were traded during mid-day trading, an increase of 18% from the average session volume of 24,251,307 shares. The stock had previously closed at $8.30.

Analysts Set New Price Targets

Several analysts have recently commented on QS shares. Robert W. Baird raised their price objective on shares of QuantumScape from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. TD Cowen upgraded QuantumScape to a "hold" rating in a research note on Monday, July 7th. UBS Group cut QuantumScape from a "neutral" rating to a "sell" rating and decreased their price target for the company from $5.00 to $2.50 in a research report on Thursday, April 10th. Finally, The Goldman Sachs Group decreased their price target on QuantumScape from $3.00 to $2.50 and set a "sell" rating on the stock in a research report on Monday, April 28th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.90.

QuantumScape Stock Up 2.3%

The firm has a fifty day moving average price of $7.27 and a 200-day moving average price of $5.41. The company has a quick ratio of 16.40, a current ratio of 16.40 and a debt-to-equity ratio of 0.03. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of -9.90 and a beta of 4.43.

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

Insiders Place Their Bets

In other news, insider Mohit Singh sold 465,000 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were 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 in the company, valued at $13,478,447.31. The trade was a 22.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael O. Mccarthy III sold 500,000 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $11.60, for a total transaction of $5,800,000.00. Following the transaction, the insider owned 1,467,183 shares in the company, valued at approximately $17,019,322.80. This represents a 25.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,089,468 shares of company stock valued at $35,534,411. Corporate insiders own 12.03% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QS. Signaturefd LLC grew its stake in shares of QuantumScape by 2,086.1% during the first quarter. Signaturefd LLC now owns 6,121 shares of the company's stock valued at $25,000 after purchasing an additional 5,841 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in shares of QuantumScape in the 4th quarter valued at $26,000. Federated Hermes Inc. lifted its stake in shares of QuantumScape by 660.0% in the 1st quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock valued at $26,000 after purchasing an additional 5,438 shares during the period. Hollencrest Capital Management lifted its stake in shares of QuantumScape by 333.3% in the 1st quarter. Hollencrest Capital Management now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 5,000 shares during the period. Finally, Raiffeisen Bank International AG acquired a new position in shares of QuantumScape in the 4th quarter valued at $29,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.