QuantumScape (NYSE:QS) Stock Price Down 8.6% – Here’s What Happened

QuantumScape Co. (NYSE:QS) traded down 8.6% during trading on Wednesday . The stock traded as low as $5.67 and last traded at $5.75. 12,385,883 shares changed hands during trading, a decline of 45% from the average session volume of 22,383,760 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on QS shares. HSBC raised shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 target price on the stock in a research note on Tuesday, November 19th. Hsbc Global Res raised shares of QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $6.00 price objective on shares of QuantumScape in a research report on Tuesday, September 10th. Finally, Truist Financial reaffirmed a “hold” rating and set a $7.00 target price (up previously from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.26.

QuantumScape Trading Down 9.5 %

The company has a market cap of $2.92 billion, a P/E ratio of -5.99 and a beta of 4.46. The company has a quick ratio of 14.07, a current ratio of 14.07 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average price is $5.20 and its 200-day moving average price is $5.68.

QuantumScape (NYSE:QS) last posted its earnings results on Wednesday, October 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same period in the previous year, the firm posted ($0.23) earnings per share. As a group, equities research analysts expect that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Activity at QuantumScape

In other QuantumScape news, Director Jagdeep Singh sold 5,531 shares of QuantumScape stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $5.01, for a total transaction of $27,710.31. Following the completion of the sale, the director now directly owns 2,590,583 shares in the company, valued at $12,978,820.83. The trade was a 0.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin Hettrich sold 55,647 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $5.05, for a total transaction of $281,017.35. Following the completion of the transaction, the chief financial officer now directly owns 1,022,743 shares in the company, valued at $5,164,852.15. The trade was a 5.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 536,460 shares of company stock valued at $2,903,619. Corporate insiders own 12.03% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

A number of large investors have recently added to or reduced their stakes in QS. Signaturefd LLC raised its holdings in shares of QuantumScape by 79.9% during the third quarter. Signaturefd LLC now owns 4,838 shares of the company’s stock valued at $28,000 after acquiring an additional 2,148 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in QuantumScape by 32.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 13,521 shares of the company’s stock worth $78,000 after purchasing an additional 3,310 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of QuantumScape by 4.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,867 shares of the company’s stock worth $413,000 after purchasing an additional 3,527 shares during the period. International Assets Investment Management LLC boosted its stake in shares of QuantumScape by 475.1% during the 3rd quarter. International Assets Investment Management LLC now owns 5,118 shares of the company’s stock valued at $29,000 after purchasing an additional 4,228 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of QuantumScape by 4.6% during the second quarter. Arizona State Retirement System now owns 98,800 shares of the company’s stock valued at $486,000 after buying an additional 4,330 shares during the period. Hedge funds and other institutional investors 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.