Norges Bank Acquires Shares of 3,422,256 QuantumScape Co. (NYSE:QS)

Norges Bank bought a new position in shares of QuantumScape Co. (NYSE:QS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,422,256 shares of the company's stock, valued at approximately $17,762,000. Norges Bank owned 0.67% of QuantumScape as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of QS. EntryPoint Capital LLC bought a new stake in shares of QuantumScape during the 4th quarter valued at $273,000. Vanguard Group Inc. grew its holdings in QuantumScape by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 32,440,612 shares of the company's stock valued at $168,367,000 after buying an additional 956,072 shares in the last quarter. Fox Run Management L.L.C. increased its position in shares of QuantumScape by 143.8% during the fourth quarter. Fox Run Management L.L.C. now owns 31,477 shares of the company's stock valued at $163,000 after buying an additional 18,564 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of QuantumScape in the fourth quarter worth about $403,000. Finally, American Century Companies Inc. boosted its position 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 valued at $2,244,000 after acquiring an additional 396,160 shares during the period. Hedge funds and other institutional investors own 29.87% of the company's stock.

Insider Transactions at QuantumScape

In other QuantumScape news, insider Michael O. Mccarthy III sold 76,315 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $5.23, for a total transaction of $399,127.45. Following the completion of the sale, the insider now owns 1,010,523 shares of the company's stock, valued at $5,285,035.29. This represents a 7.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Fritz Prinz sold 12,908 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $5.22, for a total transaction of $67,379.76. Following the sale, the director now owns 228,287 shares of the company's stock, valued at approximately $1,191,658.14. This represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,147 shares of company stock worth $935,758. 12.03% of the stock is currently owned by insiders.

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QuantumScape Price Performance

NYSE QS traded down $0.01 during trading hours on Friday, reaching $3.77. 8,183,821 shares of the stock traded hands, compared to its average volume of 10,676,335. The company has a debt-to-equity ratio of 0.03, a current ratio of 14.07 and a quick ratio of 14.07. The stock has a 50 day simple moving average of $4.51 and a two-hundred day simple moving average of $5.03. QuantumScape Co. has a 1 year low of $3.40 and a 1 year high of $9.52. The company has a market cap of $2.06 billion, a price-to-earnings ratio of -4.01 and a beta of 4.37.

QuantumScape (NYSE:QS - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.01). On average, analysts predict that QuantumScape Co. will post -0.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Evercore ISI reiterated a "hold" rating on shares of QuantumScape in a research note on Tuesday, February 25th. Truist Financial lowered their price objective on QuantumScape from $7.00 to $6.00 and set a "hold" rating on the stock in a research report on Friday, February 14th. UBS Group cut QuantumScape from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $5.00 to $2.50 in a research report on Thursday. Finally, The Goldman Sachs Group lowered their price target on QuantumScape from $4.00 to $3.00 and set a "sell" rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat, QuantumScape has an average rating of "Hold" and an average price target of $5.13.

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.