QuantumScape (NYSE:QS) Shares Up 2% – Here’s What Happened

QuantumScape Corporation (NYSE:QS)’s stock price rose 2% on Wednesday . The company traded as high as $12.22 and last traded at $12.0970. Approximately 13,751,777 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 29,206,371 shares. The stock had previously closed at $11.86.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. TD Cowen increased their price target on shares of QuantumScape from $5.00 to $16.00 and gave the company a “hold” rating in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $10.00 target price on shares of QuantumScape and gave the company a “hold” rating in a research report on Thursday, October 23rd. Hsbc Global Res raised shares of QuantumScape to a “moderate sell” rating in a report on Wednesday, November 19th. Evercore ISI reiterated an “in-line” rating and issued a $12.00 price objective (up previously from $8.00) on shares of QuantumScape in a research note on Monday. Finally, HSBC lowered QuantumScape from a “hold” rating to a “reduce” rating and increased their price objective for the company from $5.30 to $10.50 in a report on Wednesday, November 19th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $8.81.

QuantumScape Price Performance

The firm’s 50 day moving average price is $14.59 and its two-hundred day moving average price is $9.91. The company has a debt-to-equity ratio of 0.02, a current ratio of 21.14 and a quick ratio of 21.14. The stock has a market cap of $7.37 billion, a PE ratio of -15.12 and a beta of 4.83.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, October 22nd. The company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). During the same quarter in the prior year, the company earned ($0.23) earnings per share. On average, research analysts expect that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insider Transactions at QuantumScape

In related news, Director Fritz Prinz sold 980,878 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $15.49, for a total transaction of $15,193,800.22. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Timothy Holme sold 201,785 shares of the stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $12.51, for a total value of $2,524,330.35. Following the sale, the chief technology officer directly owned 1,251,383 shares in the company, valued at $15,654,801.33. This trade represents a 13.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 3,354,663 shares of company stock valued at $48,479,214. 5.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QuantumScape

Large investors have recently modified their holdings of the company. Centaurus Financial Inc. purchased a new position in QuantumScape during the third quarter valued at approximately $129,000. Coldstream Capital Management Inc. boosted its holdings in QuantumScape by 8.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 12,408 shares of the company’s stock valued at $153,000 after purchasing an additional 939 shares during the period. Advisory Services Network LLC bought a new position in QuantumScape in the 3rd quarter valued at $809,000. Kestra Private Wealth Services LLC grew its position in shares of QuantumScape by 121.4% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 68,706 shares of the company’s stock valued at $846,000 after purchasing an additional 37,668 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of QuantumScape by 207.3% during the 3rd quarter. NewEdge Advisors LLC now owns 64,343 shares of the company’s stock valued at $793,000 after purchasing an additional 43,402 shares in the last quarter. 29.87% of the stock is currently owned by institutional investors.

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.