QuantumScape (NYSE:QS) Shares Gap Down – Here’s Why

QuantumScape Co. (NYSE:QS)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $6.29, but opened at $6.05. QuantumScape shares last traded at $5.81, with a volume of 4,934,031 shares traded.

Analyst Upgrades and Downgrades

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

QuantumScape Stock Performance

The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -5.91 and a beta of 4.46. 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’s 50 day simple moving average is $5.22 and its 200 day simple moving average is $5.68.

QuantumScape (NYSE:QS) last released its 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 quarter in the previous year, the business earned ($0.23) EPS. On average, equities research analysts anticipate that QuantumScape Co. will post -0.99 earnings per share for the current year.

Insider Transactions at QuantumScape

In related news, Director Fritz Prinz sold 12,908 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $5.04, for a total transaction of $65,056.32. Following the completion of the sale, the director now directly owns 241,195 shares in the company, valued at approximately $1,215,622.80. This trade represents a 5.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevin Hettrich sold 55,647 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $5.05, for a total transaction of $281,017.35. Following the sale, the chief financial officer now owns 1,022,743 shares of the company’s stock, valued at approximately $5,164,852.15. This represents a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,460 shares of company stock valued at $2,903,619 in the last quarter. Insiders own 12.03% of the company’s stock.

Institutional Trading of QuantumScape

Several institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of QuantumScape by 1.5% during the third quarter. State Street Corp now owns 5,918,496 shares of the company’s stock worth $34,031,000 after purchasing an additional 87,563 shares during the period. Geode Capital Management LLC lifted its stake in QuantumScape by 3.9% in the third quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock valued at $33,671,000 after acquiring an additional 218,743 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in QuantumScape by 4.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,227,072 shares of the company’s stock valued at $12,806,000 after acquiring an additional 93,826 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in QuantumScape by 8.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,180,002 shares of the company’s stock valued at $6,785,000 after acquiring an additional 94,103 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in QuantumScape by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 930,614 shares of the company’s stock valued at $4,579,000 after acquiring an additional 11,897 shares during the last quarter. 29.87% of the stock is currently owned by institutional investors and hedge funds.

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.