QuantumScape (NYSE:QS) Trading Down 2.3% on Insider Selling

Shares of QuantumScape Corporation (NYSE:QS) dropped 2.3% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $10.56 and last traded at $11.45. Approximately 31,866,960 shares were traded during mid-day trading, an increase of 8% from the average daily volume of 29,399,803 shares. The stock had previously closed at $11.72.

Specifically, CTO Timothy Holme sold 44,923 shares of QuantumScape stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $12.51, for a total transaction of $561,986.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Holme sold 201,785 shares of the company’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $12.51, for a total transaction of $2,524,330.35. Following the sale, the chief technology officer directly owned 1,251,383 shares in the company, valued at $15,654,801.33. This represents a 13.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $10.00 price objective on QuantumScape and gave the company a “hold” rating in a research report on Thursday, October 23rd. Hsbc Global Res raised QuantumScape to a “moderate sell” rating in a research note on Wednesday. Cowen restated a “hold” rating on shares of QuantumScape in a research note on Thursday, October 30th. Finally, TD Cowen lifted their price target on QuantumScape from $5.00 to $16.00 and gave the company a “hold” rating in a report on Thursday, October 30th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $8.31.

QuantumScape Stock Performance

The firm has a market cap of $6.88 billion, a P/E ratio of -14.14 and a beta of 4.83. The company has a quick ratio of 21.14, a current ratio of 21.14 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average of $14.49 and a 200-day moving average of $9.69.

QuantumScape (NYSE:QS) last issued its earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). During the same quarter in the prior year, the business posted ($0.23) earnings per share. Research analysts predict that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QuantumScape

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of QuantumScape by 456.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,759,334 shares of the company’s stock valued at $19,799,000 after acquiring an additional 3,904,168 shares during the last quarter. Man Group plc acquired a new stake in shares of QuantumScape during the third quarter worth $44,421,000. Vanguard Group Inc. increased its holdings in QuantumScape by 9.0% in the first quarter. Vanguard Group Inc. now owns 35,351,974 shares of the company’s stock valued at $147,064,000 after purchasing an additional 2,911,362 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in QuantumScape in the third quarter valued at about $33,962,000. Finally, BNP Paribas Financial Markets lifted its stake in QuantumScape by 2,036.7% in the second quarter. BNP Paribas Financial Markets now owns 2,452,835 shares of the company’s stock valued at $16,483,000 after buying an additional 2,338,038 shares during the period. 29.87% of the stock is owned by institutional investors.

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.