Essex Financial Services Inc. Acquires New Shares in QuantumScape Co. (NYSE:QS)

Essex Financial Services Inc. bought a new stake in QuantumScape Co. (NYSE:QS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,439 shares of the company’s stock, valued at approximately $54,000.

A number of other hedge funds have also made changes to their positions in QS. State Street Corp increased its holdings in QuantumScape by 1.5% during the 3rd quarter. State Street Corp now owns 5,918,496 shares of the company’s stock valued at $34,031,000 after acquiring an additional 87,563 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of QuantumScape by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock worth $33,671,000 after purchasing an additional 218,743 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in QuantumScape by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,227,072 shares of the company’s stock valued at $12,806,000 after buying an additional 93,826 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in QuantumScape by 8.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,180,002 shares of the company’s stock valued at $6,785,000 after buying an additional 94,103 shares during the last quarter. Finally, Arthedge Capital Management LLC increased its position in QuantumScape by 14.6% during the third quarter. Arthedge Capital Management LLC now owns 723,000 shares of the company’s stock worth $4,157,000 after buying an additional 92,000 shares in the last quarter. Hedge funds and other institutional investors own 29.87% of the company’s stock.

Insider Buying and Selling

In other news, insider Mohit Singh sold 97,305 shares of the stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $6.24, for a total value of $607,183.20. Following the completion of the sale, the insider now owns 1,092,020 shares in the company, valued at approximately $6,814,204.80. This trade represents a 8.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Hettrich sold 36,949 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $5.06, for a total value of $186,961.94. Following the transaction, the chief financial officer now directly owns 1,024,325 shares in the company, valued at $5,183,084.50. This trade represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 567,878 shares of company stock valued at $3,062,871. 12.03% of the stock is currently owned by corporate insiders.

QuantumScape Stock Performance

Shares of QS stock opened at $5.26 on Friday. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -5.53 and a beta of 4.45. The company has a 50 day moving average price of $5.27 and a 200 day moving average price of $5.44. QuantumScape Co. has a one year low of $4.65 and a one year high of $9.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07.

QuantumScape (NYSE:QS) last issued its earnings results on Wednesday, February 12th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.01). Sell-side analysts anticipate that QuantumScape Co. will post -0.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. HSBC raised QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective 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 note on Tuesday, November 19th. Finally, Truist Financial lowered their target price on shares of QuantumScape from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.06.

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.