QuantumScape (NYSE:QS) Trading Down 7.7% After Insider Selling

Shares of QuantumScape Corporation (NYSE:QS) traded down 7.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $14.55 and last traded at $14.6830. 35,838,834 shares traded hands during mid-day trading, an increase of 22% from the average session volume of 29,405,557 shares. The stock had previously closed at $15.91.

Specifically, insider Michael O. Mccarthy III sold 20,435 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $16.12, for a total transaction of $329,412.20. Following the sale, the insider directly owned 137,888 shares of the company’s stock, valued at $2,222,754.56. This represents a 12.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey B. Straubel sold 157,171 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $16.93, for a total value of $2,660,905.03. Following the sale, the director directly owned 293,934 shares in the company, valued at $4,976,302.62. This represents a 34.84% decrease in their position. The SEC filing for this sale provides additional information.

Analysts Set New Price Targets

Several equities analysts have commented on QS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a research note on Wednesday, October 8th. Robert W. Baird increased their target price on shares of QuantumScape from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Cowen restated a “hold” rating on shares of QuantumScape in a research report on Thursday, October 30th. TD Cowen lifted their target price on QuantumScape from $5.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft set a $10.00 price objective on shares of QuantumScape and gave the stock a “hold” rating in a research report on Thursday, October 23rd. Eight research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, QuantumScape presently has a consensus rating of “Reduce” and a consensus target price of $7.66.

QuantumScape Trading Down 7.7%

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 business’s 50 day moving average price is $13.79 and its 200-day moving average price is $9.26. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of -18.13 and a beta of 4.83.

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

Hedge Funds Weigh In On QuantumScape

Several large investors have recently bought and sold shares of QS. Teacher Retirement System of Texas acquired a new position in QuantumScape in the first quarter worth approximately $236,000. Bank of New York Mellon Corp boosted its stake in shares of 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 acquiring an additional 19,764 shares in the last quarter. M&T Bank Corp raised 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. Signaturefd LLC lifted its stake in QuantumScape by 2,086.1% during the first quarter. Signaturefd LLC now owns 6,121 shares of the company’s stock valued at $25,000 after buying an additional 5,841 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new position in shares of QuantumScape in the first quarter worth about $52,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

About QuantumScape

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.