QuantumScape (NYSE:QS) Stock Price Down 9.1% – Here’s Why

QuantumScape Co. (NYSE:QS) shares fell 9.1% on Thursday . The stock traded as low as $5.56 and last traded at $5.72. 25,693,550 shares were traded during mid-day trading, an increase of 2% from the average session volume of 25,287,398 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Truist Financial reaffirmed a “hold” rating and issued a $7.00 price objective (up previously from $6.00) on shares of QuantumScape in a report on Friday, October 25th. HSBC upgraded shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective on the stock in a report on Tuesday, November 19th. Finally, Hsbc Global Res raised shares of QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.26.

QuantumScape Trading Down 1.9 %

The business’s 50-day simple moving average is $5.23 and its 200-day simple moving average is $5.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 14.07 and a quick ratio of 14.07. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -5.91 and a beta of 4.46.

QuantumScape (NYSE:QS) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). During the same quarter last year, the business earned ($0.23) EPS. Research analysts predict that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other QuantumScape news, Director Jagdeep Singh sold 308,097 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.30, for a total transaction of $1,632,914.10. Following the transaction, the director now directly owns 2,563,767 shares in the company, valued at $13,587,965.10. This represents a 10.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael O. Mccarthy III sold 27,305 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $5.07, for a total transaction of $138,436.35. Following the transaction, the insider now owns 1,129,167 shares in the company, valued at $5,724,876.69. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 536,460 shares of company stock worth $2,903,619 over the last ninety days. 12.03% of the stock is owned by company insiders.

Institutional Trading of QuantumScape

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in QuantumScape by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 930,614 shares of the company’s stock valued at $4,579,000 after buying an additional 11,897 shares in the last quarter. Commonwealth Equity Services LLC grew its position in QuantumScape by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 367,887 shares of the company’s stock valued at $1,810,000 after buying an additional 9,290 shares in the last quarter. Arizona State Retirement System grew its position in QuantumScape by 4.6% in the 2nd quarter. Arizona State Retirement System now owns 98,800 shares of the company’s stock valued at $486,000 after buying an additional 4,330 shares in the last quarter. American Century Companies Inc. boosted its position in shares of QuantumScape by 880.6% during the 2nd quarter. American Century Companies Inc. now owns 352,286 shares of the company’s stock valued at $1,733,000 after purchasing an additional 316,361 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of QuantumScape during the 2nd quarter valued at about $68,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

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.