QuantumScape (NYSE:QS) Shares Up 16.5% After Analyst Upgrade

QuantumScape Corporation (NYSE:QS)’s share price rose 16.5% during trading on Friday after TD Cowen raised their price target on the stock from $5.00 to $16.00. TD Cowen currently has a hold rating on the stock. QuantumScape traded as high as $18.56 and last traded at $18.4010. Approximately 83,477,326 shares changed hands during mid-day trading, an increase of 187% from the average daily volume of 29,130,883 shares. The stock had previously closed at $15.79.

A number of other equities analysts have also recently issued reports on QS. Cowen restated a “hold” rating on shares of QuantumScape in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of QuantumScape in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $10.00 price target on QuantumScape and gave the stock a “hold” rating in a research report on Thursday, October 23rd. Finally, Robert W. Baird upped their target price on QuantumScape from $6.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Eight investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, QuantumScape currently has an average rating of “Reduce” and a consensus target price of $7.66.

Insider Activity at QuantumScape

In other QuantumScape news, CTO Timothy Holme sold 176,352 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $7.55, for a total transaction of $1,331,457.60. Following the transaction, the chief technology officer owned 1,445,304 shares in the company, valued at approximately $10,912,045.20. This represents a 10.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mohit Singh sold 220,000 shares of the stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $15.09, for a total value of $3,319,800.00. Following the transaction, the insider owned 1,420,054 shares in the company, valued at $21,428,614.86. This represents a 13.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,844,134 shares of company stock valued at $41,397,924 in the last ninety days. 5.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On QuantumScape

Several hedge funds and other institutional investors have recently made changes to their positions in QS. Signaturefd LLC increased its holdings in shares of QuantumScape by 2,086.1% in the first quarter. Signaturefd LLC now owns 6,121 shares of the company’s stock valued at $25,000 after purchasing an additional 5,841 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of QuantumScape by 685.5% in the second quarter. Russell Investments Group Ltd. now owns 3,794 shares of the company’s stock valued at $25,000 after buying an additional 3,311 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of QuantumScape by 660.0% in the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company’s stock valued at $26,000 after buying an additional 5,438 shares in the last quarter. Hollencrest Capital Management boosted its holdings in QuantumScape by 333.3% in the first quarter. Hollencrest Capital Management now owns 6,500 shares of the company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the period. Finally, North Capital Inc. purchased a new position in QuantumScape in the second quarter valued at $27,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

QuantumScape Stock Performance

The stock has a market capitalization of $10.42 billion, a PE ratio of -22.72 and a beta of 4.85. The stock has a fifty day moving average of $12.64 and a 200-day moving average of $8.59. The company has a quick ratio of 16.40, a current ratio of 21.14 and a debt-to-equity ratio of 0.02.

QuantumScape (NYSE:QS) last released its earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.18). The company had revenue of ($36.67) million during the quarter. During the same period in the previous year, the business posted ($0.23) EPS. Equities analysts anticipate 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.