QuantumScape (NYSE:QS) Reaches New 1-Year Low – Here’s Why

QuantumScape Corporation (NYSE:QS)’s stock price reached a new 52-week low on Friday. The stock traded as low as $3.69 and last traded at $3.6650, with a volume of 3,127,126 shares trading hands. The stock had previously closed at $3.88.

Analysts Set New Price Targets

QS has been the subject of several research analyst reports. Robert W. Baird reduced their price objective on QuantumScape from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, October 22nd. Morgan Stanley lowered their target price on QuantumScape from $8.50 to $4.50 and set an “equal weight” rating on the stock in a research note on Thursday, October 15th. William Blair raised QuantumScape to a “hold” rating in a research note on Thursday, October 22nd. Finally, TD Cowen dropped their target price on QuantumScape from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Friday, July 24th. Six investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.36.

QuantumScape Stock Down 5.2%

The business’s 50 day simple moving average is $4.52 and its 200-day simple moving average is $6.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 21.14 and a current ratio of 21.14. The company has a market cap of $2.29 billion, a price-to-earnings ratio of -4.54 and a beta of 2.83.

QuantumScape (NYSE:QS) last announced its quarterly earnings data on Wednesday, October 21st. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. QuantumScape’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) EPS. Sell-side analysts expect that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Timothy Holme sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $5.09, for a total transaction of $381,750.00. Following the completion of the sale, the chief technology officer directly owned 1,583,075 shares of the company’s stock, valued at $8,057,851.75. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 294,599 shares of company stock valued at $1,473,271. Corporate insiders own 3.93% of the company’s stock.

Hedge Funds Weigh In On QuantumScape

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of QuantumScape by 134.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,735,035 shares of the company’s stock valued at $36,570,000 after purchasing an additional 3,290,942 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in QuantumScape during the second quarter worth $9,619,000. Russell Investments Group Ltd. increased its position in QuantumScape by 181.0% during the third quarter. Russell Investments Group Ltd. now owns 854,135 shares of the company’s stock worth $3,967,000 after buying an additional 550,221 shares during the last quarter. AXQ Capital LP raised its holdings in QuantumScape by 313.2% during the second quarter. AXQ Capital LP now owns 463,653 shares of the company’s stock valued at $3,505,000 after buying an additional 351,451 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of QuantumScape by 23.3% in the first quarter. California State Teachers Retirement System now owns 491,725 shares of the company’s stock worth $3,137,000 after buying an additional 93,079 shares during the last quarter. Institutional investors and hedge funds own 29.87% of the company’s stock.

QuantumScape Company Profile

QuantumScape Corporation develops solid-state lithium-metal battery technology, primarily for use in electric vehicles. Its battery design replaces the conventional liquid electrolyte found in many lithium-ion batteries with a solid separator, with the goal of supporting higher energy density, faster charging and improved safety. Founded in 2010 and headquartered in San Jose, California, the company focuses on researching, testing and scaling its battery technology rather than selling mass-market batteries.