QuantumScape (NYSE:QS) Stock Price Down 3.2% on Disappointing Earnings

QuantumScape Co. (NYSE:QS)’s share price fell 3.2% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $7.56 and last traded at $7.79. 3,858,939 shares were traded during mid-day trading, a decline of 59% from the average session volume of 9,361,397 shares. The stock had previously closed at $8.05.

The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). During the same period in the prior year, the business earned ($0.26) earnings per share.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Truist Financial cut their target price on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, April 22nd. UBS Group reduced their target price on QuantumScape from $9.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.45.

Insider Buying and Selling at QuantumScape

In related news, insider Mohit Singh sold 173,224 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $7.04, for a total transaction of $1,219,496.96. Following the sale, the insider now directly owns 1,196,905 shares of the company’s stock, valued at approximately $8,426,211.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other QuantumScape news, insider Mohit Singh sold 173,224 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $7.04, for a total transaction of $1,219,496.96. Following the sale, the insider now owns 1,196,905 shares in the company, valued at approximately $8,426,211.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kevin Hettrich sold 45,848 shares of QuantumScape stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $5.61, for a total value of $257,207.28. Following the completion of the transaction, the chief financial officer now owns 1,145,821 shares of the company’s stock, valued at approximately $6,428,055.81. The disclosure for this sale can be found here. Insiders sold a total of 847,562 shares of company stock valued at $4,869,703 in the last three months. 10.18% of the stock is owned by corporate insiders.

Institutional Trading of QuantumScape

Several institutional investors have recently modified their holdings of QS. Vanguard Group Inc. increased its position in QuantumScape by 2.2% during the first quarter. Vanguard Group Inc. now owns 30,484,915 shares of the company’s stock worth $191,750,000 after buying an additional 656,646 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of QuantumScape by 240.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,256,034 shares of the company’s stock valued at $26,770,000 after acquiring an additional 3,004,964 shares during the last quarter. Baillie Gifford & Co. raised its stake in QuantumScape by 10.3% during the first quarter. Baillie Gifford & Co. now owns 2,679,518 shares of the company’s stock worth $16,854,000 after purchasing an additional 251,186 shares during the period. Norges Bank purchased a new position in shares of QuantumScape in the 4th quarter worth $18,482,000. Finally, Board of Trustees of The Leland Stanford Junior University lifted its stake in shares of QuantumScape by 5.2% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 2,610,677 shares of the company’s stock valued at $18,144,000 after purchasing an additional 129,239 shares in the last quarter. Hedge funds and other institutional investors own 29.87% of the company’s stock.

QuantumScape Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.38 and a current ratio of 10.38. The business’s 50-day simple moving average is $5.96 and its two-hundred day simple moving average is $6.19.

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.