Wedmont Private Capital Takes Position in QuantumScape Co. (NYSE:QS)

Wedmont Private Capital purchased a new position in QuantumScape Co. (NYSE:QS) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,720 shares of the company’s stock, valued at approximately $103,000.

A number of other hedge funds also recently bought and sold shares of QS. Y Intercept Hong Kong Ltd acquired a new position in shares of QuantumScape during the 4th quarter worth about $1,275,000. Raymond James Financial Inc. purchased a new stake in QuantumScape during the 4th quarter worth approximately $1,527,000. Charles Schwab Investment Management Inc. raised its holdings in shares of QuantumScape by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,331,966 shares of the company’s stock valued at $12,103,000 after acquiring an additional 104,894 shares during 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 valued at $168,367,000 after acquiring an additional 956,072 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake 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 acquiring an additional 396,160 shares during the last quarter. Hedge funds and other institutional investors own 29.87% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

QuantumScape Price Performance

QuantumScape stock opened at $4.48 on Friday. The company has a current ratio of 14.07, a quick ratio of 14.07 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average price of $4.01 and a 200 day moving average price of $4.64. QuantumScape Co. has a 12-month low of $3.40 and a 12-month high of $9.52. The stock has a market cap of $2.50 billion, a P/E ratio of -4.77 and a beta of 4.27.

QuantumScape (NYSE:QS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). During the same period last year, the business posted ($0.24) EPS. Sell-side analysts anticipate that QuantumScape Co. will post -0.82 earnings per share for the current year.

QuantumScape 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.