QuantumScape (NYSE:QS) Stock Price Down 9.1% - Here's What Happened

QuantumScape Co. (NYSE:QS - Get Free Report) dropped 9.1% during trading on Thursday . The company traded as low as $5.56 and last traded at $5.72. Approximately 25,693,550 shares were traded during trading, an increase of 2% from the average daily volume of 25,287,398 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on QS. Truist Financial reiterated a "hold" rating and issued a $7.00 target price (up previously from $6.00) on shares of QuantumScape in a research report on Friday, October 25th. HSBC raised QuantumScape from a "reduce" rating to a "hold" rating and set a $5.30 target price on the stock in a research report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded shares of QuantumScape to a "hold" rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, QuantumScape has an average rating of "Hold" and an average target price of $6.26.

QuantumScape Trading Down 9.1 %

The stock has a market capitalization of $2.93 billion, a P/E ratio of -6.02 and a beta of 4.46. The business has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $5.68. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07.

QuantumScape (NYSE:QS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same period in the previous year, the company posted ($0.23) EPS. On average, analysts predict that QuantumScape Co. will post -0.99 EPS for the current year.

Insider Activity at QuantumScape

In related news, insider Mohit Singh sold 97,305 shares of the company's stock in a transaction on Friday, December 27th. The stock was sold at an average price of $6.24, for a total transaction of $607,183.20. Following the transaction, the insider now directly owns 1,092,020 shares of the company's stock, valued at approximately $6,814,204.80. The trade was a 8.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jagdeep Singh sold 308,097 shares of QuantumScape stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.30, for a total value of $1,632,914.10. Following the transaction, the director now directly owns 2,563,767 shares in the company, valued at approximately $13,587,965.10. This trade represents a 10.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,460 shares of company stock worth $2,903,619 in the last quarter. 12.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On QuantumScape

Institutional investors have recently made changes to their positions in the company. Signaturefd LLC raised its stake in shares of QuantumScape by 79.9% in the 3rd quarter. Signaturefd LLC now owns 4,838 shares of the company's stock valued at $28,000 after acquiring an additional 2,148 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of QuantumScape by 475.1% in the third quarter. International Assets Investment Management LLC now owns 5,118 shares of the company's stock valued at $29,000 after acquiring an additional 4,228 shares during the period. Atom Investors LP bought a new position in QuantumScape during the third quarter worth $60,000. Centaurus Financial Inc. acquired a new position in QuantumScape during the 2nd quarter valued at $52,000. Finally, Nwam LLC bought a new stake in QuantumScape in the 3rd quarter valued at $64,000. 29.87% of the stock is currently owned by institutional investors and hedge funds.

QuantumScape Company 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.