QuantumScape (NYSE:QS) Trading 8.2% Higher – Here’s What Happened

Shares of QuantumScape Co. (NYSE:QS) shot up 8.2% during mid-day trading on Friday . The stock traded as high as $5.15 and last traded at $5.12. 8,523,557 shares changed hands during trading, a decline of 9% from the average session volume of 9,358,702 shares. The stock had previously closed at $4.73.

Analyst Ratings Changes

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

QuantumScape Stock Performance

The firm has a fifty day moving average of $5.17 and a 200-day moving average of $5.64. The company has a quick ratio of 14.07, a current ratio of 14.07 and a debt-to-equity ratio of 0.03. The firm has a market cap of $2.57 billion, a P/E ratio of -5.28 and a beta of 4.50.

QuantumScape (NYSE:QS) last issued its quarterly earnings results 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 period in the prior year, the business posted ($0.23) EPS. Research analysts predict that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jagdeep Singh sold 308,097 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.30, for a total value of $1,632,914.10. Following the sale, the director now directly owns 2,563,767 shares in the company, valued at $13,587,965.10. This trade represents a 10.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Hettrich sold 55,647 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $5.05, for a total transaction of $281,017.35. Following the transaction, the chief financial officer now owns 1,022,743 shares of the company’s stock, valued at approximately $5,164,852.15. This represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 666,032 shares of company stock valued at $3,549,682 in the last 90 days. 12.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC raised its position in shares of QuantumScape by 28.2% during the third quarter. Sanctuary Advisors LLC now owns 161,781 shares of the company’s stock worth $930,000 after purchasing an additional 35,579 shares during the period. Virtu Financial LLC bought a new position in QuantumScape in the third quarter valued at approximately $235,000. Barclays PLC boosted its holdings in shares of QuantumScape by 326.5% in the third quarter. Barclays PLC now owns 104,333 shares of the company’s stock valued at $599,000 after buying an additional 79,871 shares during the period. Geode Capital Management LLC increased its position in shares of QuantumScape by 3.9% during the third quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock worth $33,671,000 after acquiring an additional 218,743 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in shares of QuantumScape by 139.2% during the third quarter. M&T Bank Corp now owns 46,090 shares of the company’s stock worth $265,000 after acquiring an additional 26,820 shares during the period. 29.87% of the stock is currently owned by institutional investors.

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.