Mirae Asset Global Investments Co. Ltd. Raises Position in QuantumScape Corporation (NYSE:QS)

Mirae Asset Global Investments Co. Ltd. grew its holdings in QuantumScape Corporation (NYSE:QS) by 39.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 116,266 shares of the company’s stock after buying an additional 32,625 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in QuantumScape were worth $503,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its position in QuantumScape by 362.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 379,018 shares of the company’s stock valued at $1,577,000 after buying an additional 297,097 shares during the last quarter. Raymond James Financial Inc. acquired a new position in QuantumScape in the fourth quarter valued at approximately $1,527,000. Charles Schwab Investment Management Inc. raised its stake in QuantumScape by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,331,966 shares of the company’s stock worth $12,103,000 after acquiring an additional 104,894 shares in the last quarter. Vanguard Group Inc. boosted its holdings 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 during the period. Finally, American Century Companies Inc. increased its position in QuantumScape by 1,091.5% in the 4th quarter. American Century Companies Inc. now owns 432,455 shares of the company’s stock valued at $2,244,000 after acquiring an additional 396,160 shares during the period. 29.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other QuantumScape news, insider Mohit Singh sold 325,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $7.21, for a total transaction of $2,343,250.00. Following the sale, the insider directly owned 1,641,711 shares of the company’s stock, valued at approximately $11,836,736.31. This represents a 16.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 sale, the director owned 231,530 shares in the company, valued at $912,228.20. The trade was a 20.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 747,951 shares of company stock valued at $4,629,048 over the last quarter. Company insiders own 12.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on QS shares. The Goldman Sachs Group cut their price target on shares of QuantumScape from $3.00 to $2.50 and set a “sell” rating for the company in a report on Monday, April 28th. Robert W. Baird decreased their target price on shares of QuantumScape from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Finally, UBS Group cut shares of QuantumScape from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $5.00 to $2.50 in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, QuantumScape has a consensus rating of “Hold” and an average price target of $5.19.

QuantumScape Stock Performance

Shares of NYSE:QS opened at $6.99 on Friday. The company has a market cap of $3.90 billion, a P/E ratio of -7.68 and a beta of 4.42. The business’s 50-day simple moving average is $4.56 and its 200 day simple moving average is $4.69. QuantumScape Corporation has a one year low of $3.40 and a one year high of $9.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 16.66 and a current ratio of 16.66.

QuantumScape (NYSE:QS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). During the same period last year, the business earned ($0.24) EPS. On average, sell-side analysts forecast that QuantumScape Corporation will post -0.82 earnings per share 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.