Bank of America Corp DE Sells 270,009 Shares of QuantumScape Co. (NYSE:QS)

Bank of America Corp DE lessened its stake in shares of QuantumScape Co. (NYSE:QS) by 77.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 77,020 shares of the company’s stock after selling 270,009 shares during the period. Bank of America Corp DE’s holdings in QuantumScape were worth $400,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of QS. Norges Bank purchased a new stake in shares of QuantumScape in the fourth quarter worth about $17,762,000. Dimensional Fund Advisors LP lifted its position in shares of QuantumScape by 55.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,814,127 shares of the company’s stock worth $30,183,000 after buying an additional 2,066,844 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of QuantumScape by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 32,440,612 shares of the company’s stock worth $168,367,000 after buying an additional 956,072 shares in the last quarter. American Century Companies Inc. lifted its position in shares of QuantumScape by 1,091.5% in the fourth quarter. American Century Companies Inc. now owns 432,455 shares of the company’s stock worth $2,244,000 after buying an additional 396,160 shares in the last quarter. Finally, DnB Asset Management AS purchased a new stake in QuantumScape during the fourth quarter valued at approximately $2,041,000. Institutional investors own 29.87% of the company’s stock.

Insider Transactions at QuantumScape

In related news, insider Mohit Singh sold 71,428 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $4.41, for a total value of $314,997.48. Following the transaction, the insider now owns 1,640,998 shares of the company’s stock, valued at $7,236,801.18. This represents a 4.17% 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. Also, Director Fritz Prinz sold 61,523 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $3.94, for a total value of $242,400.62. Following the completion of the transaction, the director now directly owns 231,530 shares in the company, valued at approximately $912,228.20. This trade represents a 20.99% decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on QS shares. Evercore ISI restated a “hold” rating on shares of QuantumScape in a research report on Tuesday, February 25th. UBS Group downgraded QuantumScape from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $5.00 to $2.50 in a research report on Thursday, April 10th. The Goldman Sachs Group decreased their price objective on QuantumScape from $3.00 to $2.50 and set a “sell” rating on the stock in a research report on Monday, April 28th. Truist Financial decreased their price objective on QuantumScape from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. Finally, Robert W. Baird decreased their price objective on QuantumScape from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.19.

QuantumScape Trading Down 3.0%

Shares of NYSE QS opened at $4.48 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07. The business’s 50 day moving average price is $4.01 and its 200-day moving average price is $4.64. QuantumScape Co. has a fifty-two week low of $3.40 and a fifty-two week high of $9.52. The company has a market cap of $2.50 billion, a price-to-earnings ratio of -4.77 and a beta of 4.27.

QuantumScape (NYSE:QS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, sell-side analysts expect that QuantumScape Co. will post -0.82 earnings per share for the current 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.