QuantumScape (NYSE:QS) Stock Falls 5.3% – Here’s Why

QuantumScape Corporation (NYSE:QS) dropped 5.3% during trading on Wednesday. The company traded as low as $4.26 and last traded at $4.2150. 21,300,938 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 18,249,012 shares. The stock had previously closed at $4.45.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on QS. William Blair upgraded QuantumScape to a “hold” rating in a report on Thursday, October 22nd. TD Cowen dropped their price target on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, July 24th. Morgan Stanley dropped their price target on shares of QuantumScape from $8.50 to $4.50 and set an “equal weight” rating on the stock in a research note on Thursday, October 15th. Finally, Robert W. Baird cut their price objective on shares of QuantumScape from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, October 22nd. Six equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.36.

QuantumScape Trading Down 5.3%

The stock has a market cap of $2.62 billion, a PE ratio of -5.19 and a beta of 2.83. The company has a quick ratio of 21.14, a current ratio of 21.14 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average price is $4.61 and its 200 day moving average price is $6.47.

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

Insider Buying and Selling

In other QuantumScape news, CTO Timothy Holme sold 45,000 shares of QuantumScape stock in a transaction on Monday, October 5th. The stock was sold at an average price of $4.54, for a total value of $204,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 294,599 shares of company stock worth $1,473,271. Company insiders own 3.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Handelsbanken Fonder AB raised its position in QuantumScape by 145.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 308,800 shares of the company’s stock worth $2,335,000 after buying an additional 183,000 shares during the last quarter. AXQ Capital LP lifted its stake in QuantumScape by 313.2% during the 2nd quarter. AXQ Capital LP now owns 463,653 shares of the company’s stock valued at $3,505,000 after acquiring an additional 351,451 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of QuantumScape during the 2nd quarter valued at about $9,619,000. William John Sempolinski purchased a new stake in shares of QuantumScape during the 2nd quarter valued at about $1,527,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of QuantumScape by 134.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,735,035 shares of the company’s stock valued at $36,570,000 after acquiring an additional 3,290,942 shares during the last quarter. 29.87% of the stock is owned by institutional investors.

About QuantumScape

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.