QuantumScape (NYSE:QS) Trading Up 8.2% - Here's What Happened

Key Points

• QuantumScape's stock price rose by 8.2% on Thursday, reaching a high of $15.38 before closing at $14.69, with trading volume significantly increasing to about 39.99 million shares.
• Multiple analysts have set varying target prices for QuantumScape, with Deutsche Bank at $10.00 and Robert W. Baird raising their target to $11.00, while the consensus rating remains a "Reduce" with an average target price of $6.47.
• Insider trading activity indicates a decrease in positions, with CFO Kevin Hettrich selling 9,800 shares and total insider sales amounting to 2.32 million shares in the last 90 days.

Shares of QuantumScape Corporation (NYSE:QS - Get Free Report) were up 8.2% on Thursday . The stock traded as high as $15.38 and last traded at $14.69. Approximately 39,995,466 shares traded hands during mid-day trading, an increase of 40% from the average daily volume of 28,497,311 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QS shares. Deutsche Bank Aktiengesellschaft set a $10.00 target price on shares of QuantumScape and gave the company a "hold" rating in a research note on Thursday. Robert W. Baird upped their target price on shares of QuantumScape from $6.00 to $11.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Weiss Ratings restated a "sell (d-)" rating on shares of QuantumScape in a research note on Wednesday, October 8th. Finally, TD Cowen upgraded shares of QuantumScape to a "hold" rating in a research note on Monday, July 7th. Seven analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, QuantumScape presently has a consensus rating of "Reduce" and an average target price of $6.47.

QuantumScape Stock Up 8.2%

The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of -17.08 and a beta of 4.85. The stock's fifty day simple moving average is $11.55 and its two-hundred day simple moving average is $7.95. The company has a debt-to-equity ratio of 0.03, a current ratio of 16.40 and a quick ratio of 16.40.

QuantumScape (NYSE:QS - Get Free Report) last issued its earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The business had revenue of ($36.67) million for the quarter. During the same quarter last year, the business earned ($0.23) earnings per share. On average, sell-side analysts predict that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Kevin Hettrich sold 9,800 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $13.94, for a total value of $136,612.00. Following the sale, the chief financial officer owned 1,591,467 shares of the company's stock, valued at $22,185,049.98. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael O. Mccarthy III sold 38,035 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $9.13, for a total transaction of $347,259.55. Following the completion of the sale, the insider directly owned 1,397,382 shares in the company, valued at approximately $12,758,097.66. This trade represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,327,870 shares of company stock worth $26,819,135 in the last 90 days. 5.48% of the stock is currently owned by insiders.

Institutional Trading of QuantumScape

A number of large investors have recently modified their holdings of QS. Signaturefd LLC increased its holdings in shares of QuantumScape by 2,086.1% in the 1st quarter. Signaturefd LLC now owns 6,121 shares of the company's stock worth $25,000 after acquiring an additional 5,841 shares during the period. Russell Investments Group Ltd. increased its stake in QuantumScape by 685.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,794 shares of the company's stock valued at $25,000 after buying an additional 3,311 shares during the period. Federated Hermes Inc. increased its stake in QuantumScape by 660.0% during the 1st quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock valued at $26,000 after buying an additional 5,438 shares during the period. Hollencrest Capital Management increased its stake in QuantumScape by 333.3% during the 1st quarter. Hollencrest Capital Management now owns 6,500 shares of the company's stock valued at $27,000 after buying an additional 5,000 shares during the period. Finally, North Capital Inc. acquired a new position in QuantumScape during the 2nd quarter valued at about $27,000. 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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