QuantumScape (NYSE:QS) Trading Down 7.1% on Insider Selling
QuantumScape's stock fell 7.1% after insider sales by Michael O. Mccarthy III and Director Jeffrey B. Straubel. Analysts have mixed ratings, with a consensus of 'Reduce' and an average price target of $7.66. The company reported a quarterly EPS of ($0.18), meeting estimates. Institutional investors have been actively trading the stock, which has a market cap of $8.18 billion.
QuantumScape Corporation (NYSE:QS - Get Free Report)'s stock price fell 7.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $13.49 and last traded at $13.6050. 33,338,172 shares changed hands during trading, an increase of 13% from the average session volume of 29,431,514 shares. The stock had previously closed at $14.64.
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Specifically, insider Michael O. Mccarthy III sold 20,435 shares of the firm'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 completion of the transaction, the insider owned 137,888 shares of the company's stock, valued at approximately $2,222,754.56. This trade represents a 12.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey B. Straubel sold 157,171 shares of the firm's stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $16.93, for a total value of $2,660,905.03. Following the transaction, the director directly owned 293,934 shares of the company's stock, valued at approximately $4,976,302.62. This trade represents a 34.84% decrease in their position. The disclosure for this sale is available in the SEC filing.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the stock. Robert W. Baird increased their price objective on shares of QuantumScape from $6.00 to $11.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. TD Cowen lifted their price target on shares of QuantumScape from $5.00 to $16.00 and gave the stock a "hold" rating in a research note on Thursday, October 30th. Cowen reissued a "hold" rating on shares of QuantumScape in a report on Thursday, October 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of QuantumScape in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft set a $10.00 price objective on shares of QuantumScape and gave the company a "hold" rating in a research report on Thursday, October 23rd. Eight investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $7.66.
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Check Out Our Latest Stock Analysis on QS
QuantumScape Stock Performance
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 business has a 50 day moving average price of $13.93 and a two-hundred day moving average price of $9.30. The stock has a market cap of $8.18 billion, a P/E ratio of -16.80 and a beta of 4.83.
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QuantumScape (NYSE:QS - Get Free Report) last released its quarterly earnings data on Wednesday, October 22nd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). During the same quarter in the prior year, the firm posted ($0.23) EPS. On average, sell-side analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.
Institutional Investors Weigh In On QuantumScape
Several large investors have recently bought and sold shares of QS. Signaturefd LLC lifted its stake in shares of QuantumScape by 2,086.1% in the 1st quarter. Signaturefd LLC now owns 6,121 shares of the company's stock valued at $25,000 after purchasing an additional 5,841 shares during the last quarter. Tsfg LLC increased its holdings in shares of QuantumScape by 233.3% during the third quarter. Tsfg LLC now owns 2,000 shares of the company's stock valued at $25,000 after acquiring an additional 1,400 shares in the last quarter. REAP Financial Group LLC lifted its position in QuantumScape by 300.0% during the 3rd quarter. REAP Financial Group LLC now owns 2,000 shares of the company's stock worth $25,000 after acquiring an additional 1,500 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of QuantumScape by 685.5% in the second quarter. Russell Investments Group Ltd. now owns 3,794 shares of the company's stock valued at $25,000 after purchasing an additional 3,311 shares during the period. Finally, Federated Hermes Inc. boosted its position in QuantumScape by 660.0% in the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company's stock valued at $26,000 after buying an additional 5,438 shares during the last quarter. Institutional investors own 29.87% of the company's stock.
QuantumScape Company Profile
(Get Free Report)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.
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