QuantumScape (NYSE:QS) Shares Down 2.1% - Here's What Happened

QuantumScape Co. (NYSE:QS - Get Free Report) shares dropped 2.1% on Tuesday . The company traded as low as $4.93 and last traded at $4.97. Approximately 2,964,473 shares changed hands during trading, a decline of 83% from the average daily volume of 16,958,639 shares. The stock had previously closed at $5.07.

Analysts Set New Price Targets

QS has been the topic of a number of research analyst reports. Truist Financial reissued a "hold" rating and issued a $7.00 price target (up from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. HSBC upgraded QuantumScape from a "reduce" rating to a "hold" rating and set a $5.30 price target on the stock in a research note on Tuesday, November 19th. Finally, Hsbc Global Res raised QuantumScape to a "hold" rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to MarketBeat, QuantumScape has an average rating of "Hold" and a consensus target price of $6.26.

QuantumScape Price Performance

The company's 50-day simple moving average is $5.29 and its 200 day simple moving average is $5.66. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07. The company has a market cap of $2.66 billion, a PE ratio of -5.46 and a beta of 4.46.

Insider Activity at QuantumScape

In other news, CFO Kevin Hettrich sold 36,949 shares of the company's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $5.06, for a total transaction of $186,961.94. Following the completion of the transaction, the chief financial officer now directly owns 1,024,325 shares of the company's stock, valued at approximately $5,183,084.50. This represents a 3.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mohit Singh sold 97,305 shares of the stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $6.24, for a total value of $607,183.20. Following the completion of the transaction, the insider now owns 1,092,020 shares in the company, valued at approximately $6,814,204.80. The trade was a 8.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 573,409 shares of company stock worth $3,090,581. Company insiders own 12.03% of the company's stock.

Hedge Funds Weigh In On QuantumScape

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in QuantumScape by 1.5% in the third quarter. State Street Corp now owns 5,918,496 shares of the company's stock valued at $34,031,000 after buying an additional 87,563 shares during the last quarter. Geode Capital Management LLC raised its position in QuantumScape by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company's stock valued at $33,671,000 after purchasing an additional 218,743 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in QuantumScape by 4.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,227,072 shares of the company's stock worth $12,806,000 after purchasing an additional 93,826 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in QuantumScape by 8.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,180,002 shares of the company's stock worth $6,785,000 after purchasing an additional 94,103 shares during the last quarter. Finally, Arthedge Capital Management LLC increased its stake in QuantumScape by 14.6% in the third quarter. Arthedge Capital Management LLC now owns 723,000 shares of the company's stock valued at $4,157,000 after purchasing an additional 92,000 shares during the period. 29.87% of the stock is currently owned by hedge funds and other 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.