Michael Mccarthy III Sells 20,435 Shares of QuantumScape (NYSE:QS) Stock

QuantumScape Corporation (NYSE:QS) insider Michael Mccarthy III sold 20,435 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $16.12, for a total value of $329,412.20. Following the completion of the transaction, the insider owned 137,888 shares in the company, valued at $2,222,754.56. This trade 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 link.

QuantumScape Stock Down 7.1%

Shares of QuantumScape stock opened at $13.61 on Friday. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of -16.80 and a beta of 4.83. The stock has a 50-day simple moving average of $14.04 and a 200-day simple moving average of $9.33. QuantumScape Corporation has a 52-week low of $3.40 and a 52-week high of $19.07. The company has a debt-to-equity ratio of 0.02, a current ratio of 21.14 and a quick ratio of 21.14.

QuantumScape (NYSE:QS) last issued 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). During the same quarter in the prior year, the business posted ($0.23) EPS. On average, equities research analysts expect that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QuantumScape

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in QuantumScape by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 36,635,232 shares of the company’s stock valued at $451,346,000 after purchasing an additional 422,378 shares during the period. Geode Capital Management LLC boosted its position in shares of QuantumScape by 12.5% in the second quarter. Geode Capital Management LLC now owns 6,914,680 shares of the company’s stock valued at $46,475,000 after acquiring an additional 768,070 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of QuantumScape by 456.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,759,334 shares of the company’s stock worth $19,799,000 after acquiring an additional 3,904,168 shares during the last quarter. Bank of America Corp DE grew its stake in shares of QuantumScape by 148.0% in the second quarter. Bank of America Corp DE now owns 2,803,989 shares of the company’s stock worth $18,843,000 after acquiring an additional 1,673,472 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in QuantumScape during the third quarter worth $33,962,000. 29.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.