State of New Jersey Common Pension Fund D Sells 111,590 Shares of QuantumScape Co. (NYSE:QS)

State of New Jersey Common Pension Fund D lessened its stake in shares of QuantumScape Co. (NYSE:QS) by 25.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,148 shares of the company’s stock after selling 111,590 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in QuantumScape were worth $1,600,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in QuantumScape by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 30,484,915 shares of the company’s stock valued at $191,750,000 after acquiring an additional 656,646 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of QuantumScape by 240.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,256,034 shares of the company’s stock valued at $26,770,000 after purchasing an additional 3,004,964 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in QuantumScape by 10.3% during the first quarter. Baillie Gifford & Co. now owns 2,679,518 shares of the company’s stock worth $16,854,000 after purchasing an additional 251,186 shares during the last quarter. Norges Bank bought a new stake in QuantumScape in the 4th quarter worth about $18,482,000. Finally, Board of Trustees of The Leland Stanford Junior University increased its stake in QuantumScape by 5.2% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 2,610,677 shares of the company’s stock valued at $18,144,000 after buying an additional 129,239 shares during the last quarter. Institutional investors own 29.87% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on QS. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $6.00 price target on shares of QuantumScape in a research report on Tuesday, September 10th. Truist Financial reaffirmed a “hold” rating and set a $7.00 target price (up from $6.00) on shares of QuantumScape in a research report on Monday, August 5th. Finally, Wolfe Research began coverage on shares of QuantumScape in a report on Thursday, September 5th. They issued an “underperform” rating on the stock. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, QuantumScape presently has a consensus rating of “Hold” and an average target price of $5.95.

Insider Transactions at QuantumScape

In related news, Director Jagdeep Singh sold 192,270 shares of QuantumScape stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $5.99, for a total transaction of $1,151,697.30. Following the completion of the transaction, the director now directly owns 2,590,583 shares of the company’s stock, valued at approximately $15,517,592.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Michael O. Mccarthy III sold 222,476 shares of QuantumScape stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $6.58, for a total value of $1,463,892.08. Following the completion of the sale, the insider now directly owns 1,283,847 shares in the company, valued at approximately $8,447,713.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jagdeep Singh sold 192,270 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $5.99, for a total value of $1,151,697.30. Following the completion of the transaction, the director now owns 2,590,583 shares in the company, valued at $15,517,592.17. The disclosure for this sale can be found here. Insiders have sold 1,290,500 shares of company stock valued at $7,719,701 in the last three months. 10.18% of the stock is currently owned by company insiders.

QuantumScape Stock Down 2.1 %

QS stock opened at $5.65 on Thursday. QuantumScape Co. has a fifty-two week low of $4.67 and a fifty-two week high of $10.03. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -5.89 and a beta of 4.59. The business’s 50 day moving average price is $6.10 and its two-hundred day moving average price is $5.86. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.66 and a current ratio of 8.66.

QuantumScape (NYSE:QS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). During the same period in the prior year, the firm earned ($0.26) earnings per share. As a group, analysts forecast that QuantumScape Co. will post -0.9 earnings per share for the current fiscal year.

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.