QuantumScape (NYSE:QS) Shares Down 9.5% Following Analyst Downgrade

QuantumScape Co. (NYSE:QS)’s share price dropped 9.5% during trading on Thursday after UBS Group lowered their price target on the stock from $9.00 to $5.00. UBS Group currently has a neutral rating on the stock. QuantumScape traded as low as $4.92 and last traded at $4.96. Approximately 6,020,750 shares changed hands during trading, a decline of 35% from the average daily volume of 9,317,990 shares. The stock had previously closed at $5.48.

QS has been the subject of a number of other reports. Truist Financial lowered their price objective on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating for the company in a report on Monday, April 22nd. Robert W. Baird upped their price target on shares of QuantumScape from $5.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, February 15th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.30.

Insiders Place Their Bets

In other news, insider Michael O. Mccarthy III sold 21,840 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $6.17, for a total value of $134,752.80. Following the completion of the transaction, the insider now owns 731,629 shares of the company’s stock, valued at approximately $4,514,150.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Michael O. Mccarthy III sold 21,840 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $6.17, for a total value of $134,752.80. Following the sale, the insider now directly owns 731,629 shares of the company’s stock, valued at approximately $4,514,150.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Hettrich sold 34,607 shares of QuantumScape stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $6.11, for a total transaction of $211,448.77. Following the transaction, the chief financial officer now directly owns 556,302 shares of the company’s stock, valued at $3,399,005.22. The disclosure for this sale can be found here. Insiders sold 194,970 shares of company stock worth $1,250,775 over the last three months. Company insiders own 10.18% of the company’s stock.

Institutional Trading of QuantumScape

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in QuantumScape by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 29,828,269 shares of the company’s stock valued at $207,306,000 after buying an additional 796,723 shares during the last quarter. Norges Bank bought a new position in QuantumScape in the 4th quarter worth about $18,482,000. Board of Trustees of The Leland Stanford Junior University boosted its stake in QuantumScape by 5.2% in the 4th quarter. Board of Trustees of The Leland Stanford Junior University now owns 2,610,677 shares of the company’s stock worth $18,144,000 after purchasing an additional 129,239 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of QuantumScape by 53.6% in the third quarter. Baillie Gifford & Co. now owns 2,581,225 shares of the company’s stock worth $17,268,000 after buying an additional 900,249 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of QuantumScape by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,975,157 shares of the company’s stock valued at $13,727,000 after buying an additional 81,941 shares during the last quarter. 29.87% of the stock is owned by institutional investors.

QuantumScape Trading Up 5.6 %

The stock has a market cap of $2.67 billion, a PE ratio of -5.61 and a beta of 4.76. The stock’s fifty day moving average price is $5.93 and its 200 day moving average price is $6.42. The company has a quick ratio of 18.98, a current ratio of 18.98 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.04). During the same quarter in the previous year, the company earned ($0.25) earnings per share. On average, sell-side analysts forecast that QuantumScape Co. will post -0.93 EPS for the current year.

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.