QuantumScape (NYSE:QS) Shares Gap Up – Here’s Why

Shares of QuantumScape Co. (NYSE:QS) gapped up prior to trading on Thursday . The stock had previously closed at $5.18, but opened at $6.13. QuantumScape shares last traded at $6.49, with a volume of 13,860,453 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $6.00 price target on shares of QuantumScape in a report on Tuesday, September 10th. Wolfe Research initiated coverage on shares of QuantumScape in a research note on Thursday, September 5th. They set an “underperform” rating for the company. Finally, Truist Financial reduced their price objective on shares of QuantumScape from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.94.

QuantumScape Stock Up 20.3 %

The business has a fifty day moving average of $5.67 and a 200 day moving average of $5.80. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -7.08 and a beta of 4.58. The company has a debt-to-equity ratio of 0.03, a current ratio of 8.66 and a quick ratio of 8.66.

QuantumScape (NYSE:QS) last released its quarterly earnings data on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). During the same period in the previous year, the business posted ($0.23) earnings per share. On average, equities analysts predict that QuantumScape Co. will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other QuantumScape news, insider Michael O. Mccarthy III sold 222,476 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $6.58, for a total transaction of $1,463,892.08. Following the completion of the sale, the insider now owns 1,283,847 shares of the company’s stock, valued at $8,447,713.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Timothy Holme sold 44,306 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $6.11, for a total value of $270,709.66. Following the completion of the sale, the chief technology officer now directly owns 1,168,496 shares of the company’s stock, valued at approximately $7,139,510.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael O. Mccarthy III sold 222,476 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were 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 of the company’s stock, valued at $8,447,713.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,126,067 shares of company stock worth $6,659,475. Insiders own 10.18% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

Hedge funds have recently modified their holdings of the business. Signaturefd LLC boosted its position in shares of QuantumScape by 79.9% in the third quarter. Signaturefd LLC now owns 4,838 shares of the company’s stock valued at $28,000 after acquiring an additional 2,148 shares during the period. International Assets Investment Management LLC boosted its position in shares of QuantumScape by 475.1% in the third 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. CWM LLC boosted its position in shares of QuantumScape by 56.0% in the second quarter. CWM LLC now owns 7,124 shares of the company’s stock valued at $35,000 after acquiring an additional 2,556 shares during the period. Mather Group LLC. bought a new position in QuantumScape in the second quarter worth $36,000. Finally, Alaska Wealth Advisors bought a new position in QuantumScape in the second quarter worth $49,000. 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.