QuantumScape (NYSE:QS) Stock Price Down 11.9% Following Insider Selling

Shares of QuantumScape Corporation (NYSE:QS) were down 11.9% during mid-day trading on Monday following insider selling activity. The company traded as low as $15.88 and last traded at $16.2520. Approximately 44,912,958 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 29,207,828 shares. The stock had previously closed at $18.44.

Specifically, insider Michael O. Mccarthy III sold 50,000 shares of the stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $15.78, for a total transaction of $789,000.00. Following the completion of the transaction, the insider directly owned 1,376,118 shares of the company’s stock, valued at approximately $21,715,142.04. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brad W. Buss sold 300,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $17.98, for a total value of $5,394,000.00. Following the transaction, the director directly owned 122,476 shares of the company’s stock, valued at $2,202,118.48. This trade represents a 71.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, Director Fritz Prinz sold 980,878 shares of the stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

QS has been the subject of several recent research reports. Cowen reissued a “hold” rating on shares of QuantumScape in a research report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $10.00 price objective on QuantumScape and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Robert W. Baird raised their price objective on QuantumScape from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Finally, TD Cowen lifted their price target on QuantumScape from $5.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday. Eight investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $7.66.

QuantumScape Stock Performance

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 $9.77 billion, a price-to-earnings ratio of -20.06 and a beta of 4.83. The company has a fifty day moving average of $12.64 and a two-hundred day moving average of $8.66.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, October 22nd. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of ($36.67) million for the quarter. During the same quarter last year, the business posted ($0.23) earnings per share. Equities research analysts anticipate that QuantumScape Corporation will post -0.82 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of QS. Mirae Asset Global Investments Co. Ltd. lifted its holdings in QuantumScape by 39.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,266 shares of the company’s stock worth $503,000 after buying an additional 32,625 shares during the period. Teacher Retirement System of Texas acquired a new position in QuantumScape during the 1st quarter worth about $236,000. Bank of New York Mellon Corp lifted its holdings in QuantumScape by 2.1% during the 1st quarter. Bank of New York Mellon Corp now owns 941,148 shares of the company’s stock worth $3,915,000 after buying an additional 19,764 shares during the period. M&T Bank Corp lifted its holdings in QuantumScape by 97.2% during the 1st quarter. M&T Bank Corp now owns 39,964 shares of the company’s stock worth $166,000 after buying an additional 19,694 shares during the period. Finally, Signaturefd LLC lifted its holdings in QuantumScape by 2,086.1% during the 1st quarter. Signaturefd LLC now owns 6,121 shares of the company’s stock worth $25,000 after buying an additional 5,841 shares during the period. 29.87% of the stock is owned by institutional investors and hedge funds.

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.