QuantumScape (NYSE:QS) Trading Down 2.9% on Insider Selling

QuantumScape Co. (NYSE:QS) fell 2.9% on Friday after an insider sold shares in the company. The company traded as low as $5.77 and last traded at $5.96. 18,743,122 shares changed hands during trading, an increase of 96% from the average session volume of 9,572,858 shares. The stock had previously closed at $6.14.

Specifically, insider Mohit Singh sold 97,305 shares of the company’s stock in a transaction on Friday, December 27th. The stock was sold at an average price of $6.24, for a total value of $607,183.20. Following the completion of the sale, the insider now owns 1,092,020 shares in the company, valued at $6,814,204.80. This represents a 8.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on QS shares. Wolfe Research started coverage on shares of QuantumScape in a research report on Thursday, September 5th. They issued an “underperform” rating on the stock. Truist Financial restated a “hold” rating and issued a $7.00 price target (up previously from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. Hsbc Global Res upgraded QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. HSBC upgraded QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 target price on the stock in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $6.00 target price on shares of QuantumScape in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.26.

QuantumScape Price Performance

The company has a market capitalization of $3.05 billion, a PE ratio of -6.26 and a beta of 4.50. The stock has a 50 day moving average price of $5.18 and a two-hundred day moving average price of $5.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07.

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

Hedge Funds Weigh In On QuantumScape

Several hedge funds have recently bought and sold shares of QS. Canada Pension Plan Investment Board acquired a new position in QuantumScape during the second quarter valued at approximately $1,950,000. American Century Companies Inc. boosted its holdings 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 worth $1,733,000 after buying an additional 316,361 shares during the period. Geode Capital Management LLC grew its stake in QuantumScape by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock valued at $33,671,000 after buying an additional 218,743 shares during the last quarter. Weiss Asset Management LP acquired a new position in QuantumScape during the 3rd quarter worth $828,000. Finally, Nisa Investment Advisors LLC boosted its holdings in QuantumScape by 6,650.0% during the third quarter. Nisa Investment Advisors LLC now owns 135,000 shares of the company’s stock valued at $776,000 after acquiring an additional 133,000 shares during the period. 29.87% of the stock is owned by institutional investors and hedge funds.

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.