QuantumScape (NYSE:QS) Stock Price Down 8.4% Following Insider Selling

QuantumScape Co. (NYSE:QS)’s stock price fell 8.4% during trading on Monday after an insider sold shares in the company. The company traded as low as $5.44 and last traded at $5.45. 8,369,073 shares were traded during trading, a decline of 13% from the average session volume of 9,607,406 shares. The stock had previously closed at $5.95.

Specifically, insider Mohit Singh sold 97,305 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The stock was sold at an average price of $6.24, for a total transaction of $607,183.20. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

QS has been the subject of several research reports. HSBC upgraded shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective for the company in a report on Tuesday, November 19th. Truist Financial reaffirmed a “hold” rating and set a $7.00 price objective (up from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. Hsbc Global Res raised QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $6.00 price target on shares of QuantumScape in a research report on Tuesday, September 10th. Finally, Wolfe Research initiated coverage on QuantumScape in a report on Thursday, September 5th. They issued an “underperform” rating for the company. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.26.

QuantumScape Trading Down 8.6 %

The firm’s 50 day moving average price is $5.18 and its 200-day moving average price is $5.64. 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 stock has a market cap of $2.79 billion, a P/E ratio of -5.73 and a beta of 4.50.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same quarter in the prior year, the firm earned ($0.23) earnings per share. As a group, equities research 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 and other institutional investors have recently modified their holdings of QS. Signaturefd LLC grew its position in QuantumScape by 79.9% during the third quarter. Signaturefd LLC now owns 4,838 shares of the company’s stock valued at $28,000 after buying an additional 2,148 shares during the period. International Assets Investment Management LLC grew its position in shares of QuantumScape by 475.1% during the 3rd quarter. International Assets Investment Management LLC now owns 5,118 shares of the company’s stock valued at $29,000 after acquiring an additional 4,228 shares during the period. Centaurus Financial Inc. purchased a new stake in shares of QuantumScape in the 2nd quarter worth $52,000. Atom Investors LP bought a new position in QuantumScape in the 3rd quarter worth $60,000. Finally, CIBC Asset Management Inc purchased a new position in QuantumScape during the second quarter valued at $61,000. 29.87% of the stock is owned by institutional investors.

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.