M&T Bank Corp Raises Stock Position in QuantumScape Corporation (NYSE:QS)

M&T Bank Corp boosted its position in shares of QuantumScape Corporation (NYSE:QS) by 97.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,964 shares of the company’s stock after purchasing an additional 19,694 shares during the period. M&T Bank Corp’s holdings in QuantumScape were worth $166,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Heck Capital Advisors LLC purchased a new position in QuantumScape during the fourth quarter worth about $26,000. Raiffeisen Bank International AG purchased a new position in QuantumScape during the fourth quarter worth about $29,000. Cornerstone Wealth Management LLC purchased a new position in QuantumScape during the first quarter worth about $55,000. Sowell Financial Services LLC purchased a new stake in shares of QuantumScape in the 1st quarter valued at approximately $58,000. Finally, Optas LLC purchased a new stake in shares of QuantumScape in the 1st quarter valued at approximately $63,000. 29.87% of the stock is owned by hedge funds and other institutional investors.

QuantumScape Price Performance

Shares of QS opened at $14.63 on Friday. QuantumScape Corporation has a fifty-two week low of $3.40 and a fifty-two week high of $15.03. The firm’s 50 day moving average price is $5.82 and its 200 day moving average price is $5.03. The company has a market cap of $8.18 billion, a P/E ratio of -16.08 and a beta of 4.42. The company has a quick ratio of 16.66, a current ratio of 16.66 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last announced its 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 earned ($0.24) EPS. On average, research analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

QS has been the topic of a number of research analyst reports. Robert W. Baird reduced their price target on shares of QuantumScape from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. The Goldman Sachs Group reduced their price target on shares of QuantumScape from $3.00 to $2.50 and set a “sell” rating on the stock in a research note on Monday, April 28th. TD Cowen raised shares of QuantumScape to a “hold” rating in a research note on Monday, July 7th. Finally, UBS Group downgraded shares of QuantumScape from a “neutral” rating to a “sell” rating and reduced their price target for the company from $5.00 to $2.50 in a research note on Thursday, April 10th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.19.

Insider Activity

In related news, insider Mohit Singh sold 465,000 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $8.21, for a total transaction of $3,817,650.00. Following the completion of the transaction, the insider owned 1,641,711 shares in the company, valued at approximately $13,478,447.31. The trade was a 22.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fritz Prinz sold 864,708 shares of the business’s stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $7.02, for a total transaction of $6,070,250.16. Following the transaction, the director owned 81,364 shares of the company’s stock, valued at approximately $571,175.28. The trade was a 91.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,589,468 shares of company stock worth $18,114,411. 12.03% of the stock is currently owned by corporate insiders.

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.