QuantumScape (NYSE:QS) Hits New 1-Year High – Here’s Why

QuantumScape Corporation (NYSE:QS) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.79 and last traded at $17.02, with a volume of 63183351 shares traded. The stock had previously closed at $14.70.

Analyst Ratings Changes

Several research firms recently issued reports on QS. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a report on Wednesday, October 8th. TD Cowen upgraded QuantumScape to a “hold” rating in a report on Monday, July 7th. Finally, Robert W. Baird upped their target price on QuantumScape from $6.00 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $5.88.

QuantumScape Stock Up 5.6%

The company has a quick ratio of 16.40, a current ratio of 16.40 and a debt-to-equity ratio of 0.03. The firm has a 50 day simple moving average of $10.95 and a 200-day simple moving average of $7.57. The stock has a market cap of $10.09 billion, a P/E ratio of -20.73 and a beta of 4.85.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, July 23rd. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). The business had revenue of $36.67 million during the quarter. During the same quarter last year, the company earned ($0.25) EPS. On average, equities research analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Insider Transactions at QuantumScape

In other news, insider Michael O. Mccarthy III sold 500,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $11.60, for a total transaction of $5,800,000.00. Following the transaction, the insider owned 1,467,183 shares in the company, valued at approximately $17,019,322.80. This trade represents a 25.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Fritz Prinz sold 929,813 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $11.62, for a total value of $10,804,427.06. Following the transaction, the director owned 161,343 shares in the company, valued at approximately $1,874,805.66. This trade represents a 85.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,327,870 shares of company stock worth $26,819,135 in the last ninety days. 5.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QuantumScape

A number of large investors have recently made changes to their positions in QS. Signaturefd LLC increased its stake in shares of QuantumScape by 2,086.1% during the first quarter. Signaturefd LLC now owns 6,121 shares of the company’s stock worth $25,000 after purchasing an additional 5,841 shares during the period. Russell Investments Group Ltd. grew its position in QuantumScape by 685.5% during the second quarter. Russell Investments Group Ltd. now owns 3,794 shares of the company’s stock worth $25,000 after buying an additional 3,311 shares in the last quarter. Federated Hermes Inc. grew its position in QuantumScape by 660.0% during the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company’s stock worth $26,000 after buying an additional 5,438 shares in the last quarter. Hollencrest Capital Management grew its position in QuantumScape by 333.3% during the first quarter. Hollencrest Capital Management now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 5,000 shares in the last quarter. Finally, North Capital Inc. acquired a new stake in QuantumScape during the second quarter worth approximately $27,000. Institutional investors 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.