Carnegie Investment Counsel Lowers Stock Position in QuantumScape Co. (NYSE:QS)

Carnegie Investment Counsel cut its stake in QuantumScape Co. (NYSE:QS) by 39.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 428,100 shares of the company’s stock after selling 282,855 shares during the period. Carnegie Investment Counsel’s holdings in QuantumScape were worth $2,106,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in shares of QuantumScape by 26.4% during the 4th quarter. Victory Capital Management Inc. now owns 43,752 shares of the company’s stock valued at $304,000 after purchasing an additional 9,135 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in shares of QuantumScape in the 4th quarter worth approximately $97,000. Vanguard Group Inc. grew its stake in shares of QuantumScape by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 29,828,269 shares of the company’s stock valued at $207,306,000 after buying an additional 796,723 shares in the last quarter. Swiss National Bank boosted its stake in shares of QuantumScape by 9.3% in the first quarter. Swiss National Bank now owns 678,800 shares of the company’s stock valued at $4,270,000 after purchasing an additional 58,000 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of QuantumScape by 40.2% during the first quarter. Principal Financial Group Inc. now owns 28,278 shares of the company’s stock worth $178,000 after acquiring an additional 8,106 shares during the period. 29.87% of the stock is owned by hedge funds and other institutional investors.

QuantumScape Price Performance

QuantumScape stock traded up $0.06 during trading hours on Tuesday, hitting $5.86. 3,719,068 shares of the company traded hands, compared to its average volume of 9,218,529. The firm’s 50-day simple moving average is $6.06 and its two-hundred day simple moving average is $6.03. The firm has a market cap of $2.93 billion, a P/E ratio of -5.94 and a beta of 4.62. QuantumScape Co. has a 1-year low of $4.67 and a 1-year high of $10.03. The company has a quick ratio of 10.38, a current ratio of 8.66 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, July 24th. 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 last year, the company earned ($0.26) earnings per share. As a group, analysts forecast that QuantumScape Co. will post -0.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. UBS Group cut their target price on QuantumScape from $9.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Truist Financial restated a “hold” rating and set a $7.00 target price (up previously from $6.00) on shares of QuantumScape in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.62.

Insider Activity at QuantumScape

In other news, Director Fritz Prinz sold 25,816 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $4.87, for a total value of $125,723.92. Following the sale, the director now owns 267,011 shares in the company, valued at $1,300,343.57. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Fritz Prinz sold 25,816 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $4.87, for a total value of $125,723.92. Following the completion of the transaction, the director now directly owns 267,011 shares of the company’s stock, valued at $1,300,343.57. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jagdeep Singh sold 192,280 shares of QuantumScape stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $5.85, for a total transaction of $1,124,838.00. Following the sale, the director now owns 2,809,253 shares in the company, valued at $16,434,130.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,193,906 shares of company stock valued at $7,004,864. 10.18% of the stock is owned by corporate insiders.

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.