QuantumScape (NYSE:QS) Shares Down 2.8% on Analyst Downgrade

QuantumScape Co. (NYSE:QS) shares dropped 2.8% during trading on Monday after Truist Financial lowered their price target on the stock from $8.00 to $6.00. Truist Financial currently has a hold rating on the stock. QuantumScape traded as low as $5.18 and last traded at $5.21. Approximately 2,668,143 shares changed hands during trading, a decline of 72% from the average daily volume of 9,377,897 shares. The stock had previously closed at $5.36.

Separately, Robert W. Baird raised their target price on QuantumScape from $5.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, February 15th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, QuantumScape presently has an average rating of “Hold” and a consensus price target of $6.46.

Insiders Place Their Bets

In other news, Director Jeffrey B. Straubel sold 69,309 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $6.72, for a total value of $465,756.48. Following the sale, the director now directly owns 292,644 shares of the company’s stock, valued at approximately $1,966,567.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Jeffrey B. Straubel sold 69,309 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $6.72, for a total value of $465,756.48. Following the sale, the director now directly owns 292,644 shares of the company’s stock, valued at approximately $1,966,567.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin Hettrich sold 34,607 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $6.54, for a total value of $226,329.78. Following the completion of the transaction, the chief financial officer now directly owns 554,553 shares in the company, valued at $3,626,776.62. The disclosure for this sale can be found here. Insiders sold a total of 194,970 shares of company stock valued at $1,250,775 over the last 90 days. Insiders own 10.18% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

Hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management raised its stake in QuantumScape by 39.0% during the 4th quarter. Spire Wealth Management now owns 5,350 shares of the company’s stock valued at $35,000 after buying an additional 1,500 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of QuantumScape by 595.1% during the 4th quarter. International Assets Investment Management LLC now owns 6,186 shares of the company’s stock valued at $43,000 after purchasing an additional 5,296 shares during the period. Level Financial Advisors Inc. purchased a new stake in shares of QuantumScape during the 3rd quarter valued at about $42,000. C M Bidwell & Associates Ltd. lifted its stake in shares of QuantumScape by 37.3% in the 3rd quarter. C M Bidwell & Associates Ltd. now owns 6,754 shares of the company’s stock worth $45,000 after purchasing an additional 1,835 shares during the period. Finally, CWM LLC lifted its stake in shares of QuantumScape by 31.1% in the 3rd quarter. CWM LLC now owns 7,555 shares of the company’s stock worth $51,000 after purchasing an additional 1,794 shares during the period. 29.87% of the stock is currently owned by hedge funds and other institutional investors.

QuantumScape Stock Performance

The business’s fifty day moving average is $6.05 and its 200-day moving average is $6.44. The company has a quick ratio of 18.98, a current ratio of 18.98 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.77 billion, a PE ratio of -5.82 and a beta of 4.77.

QuantumScape (NYSE:QS) last issued its quarterly earnings results on Wednesday, February 14th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.04). During the same period last year, the firm posted ($0.25) EPS. As a group, research analysts predict that QuantumScape Co. will post -0.87 EPS 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.