Rhumbline Advisers Cuts Position in QuantumScape Corporation (NYSE:QS)

Rhumbline Advisers lowered its position in shares of QuantumScape Corporation (NYSE:QS) by 1.5% during the first quarter, HoldingsChannel reports. The firm owned 311,789 shares of the company’s stock after selling 4,795 shares during the period. Rhumbline Advisers’ holdings in QuantumScape were worth $1,297,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in QS. Heck Capital Advisors LLC acquired a new stake in shares of QuantumScape during the fourth quarter worth approximately $26,000. Raiffeisen Bank International AG acquired a new position in QuantumScape in the fourth quarter worth $29,000. Atlas Legacy Advisors LLC acquired a new position in QuantumScape in the fourth quarter worth $53,000. Empowered Funds LLC acquired a new position in QuantumScape in the fourth quarter worth $53,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in QuantumScape in the fourth quarter worth $57,000. Hedge funds and other institutional investors own 29.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on QS. Evercore ISI reaffirmed a “hold” rating on shares of QuantumScape in a report on Tuesday, February 25th. Robert W. Baird dropped their price objective on shares of QuantumScape from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. The Goldman Sachs Group cut their price objective on shares of QuantumScape from $3.00 to $2.50 and set a “sell” rating on the stock in a research report on Monday, April 28th. Finally, UBS Group downgraded shares of QuantumScape from a “neutral” rating to a “sell” rating and cut their price objective for the company from $5.00 to $2.50 in a research report on Thursday, April 10th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.19.

QuantumScape Trading Up 3.9%

Shares of NYSE:QS opened at $4.39 on Thursday. The company has a market cap of $2.46 billion, a PE ratio of -4.83 and a beta of 4.27. The company’s 50-day moving average price is $4.06 and its 200 day moving average price is $4.62. QuantumScape Corporation has a fifty-two week low of $3.40 and a fifty-two week high of $9.52. The company has a quick ratio of 16.66, a current ratio of 16.66 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). During the same quarter in the previous year, the company posted ($0.24) EPS. Sell-side analysts anticipate that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In other QuantumScape news, insider Mohit Singh sold 71,428 shares of the business’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $4.41, for a total transaction of $314,997.48. Following the sale, the insider now directly owns 1,640,998 shares in the company, valued at approximately $7,236,801.18. The trade was a 4.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fritz Prinz sold 61,523 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $3.94, for a total transaction of $242,400.62. Following the sale, the director now owns 231,530 shares in the company, valued at $912,228.20. This trade represents a 20.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.03% of the stock is owned by insiders.

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.