QuantumScape (NYSE:QS) Stock Price Down 6.8% on Insider Selling

Shares of QuantumScape Corporation (NYSE:QS) were down 6.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $8.55 and last traded at $8.65. Approximately 28,794,714 shares changed hands during mid-day trading, an increase of 21% from the average daily volume of 23,880,318 shares. The stock had previously closed at $9.28.

Specifically, insider Michael O. Mccarthy III sold 500,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $11.60, for a total value of $5,800,000.00. Following the completion of the sale, the insider directly owned 1,467,183 shares of the company’s stock, valued at $17,019,322.80. This represents a 25.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fritz Prinz sold 929,813 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $11.62, for a total transaction of $10,804,427.06. Following the completion of the sale, the director directly owned 161,343 shares of the company’s stock, valued at $1,874,805.66. This trade represents a 85.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Fritz Prinz sold 70,187 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $11.62, for a total value of $815,572.94. Following the completion of the sale, the director directly owned 161,343 shares of the company’s stock, valued at $1,874,805.66. This represents a 30.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on QS shares. TD Cowen raised shares of QuantumScape to a “hold” rating in a research report on Monday, July 7th. UBS Group lowered shares of QuantumScape from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $5.00 to $2.50 in a research report on Thursday, April 10th. Robert W. Baird increased their price target on shares of QuantumScape from $6.00 to $11.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Finally, The Goldman Sachs Group reduced their price target on shares of QuantumScape from $3.00 to $2.50 and set a “sell” rating for the company in a research report on Monday, April 28th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.90.

QuantumScape Stock Performance

The stock has a market cap of $4.91 billion, a P/E ratio of -10.21 and a beta of 4.42. The firm’s 50-day moving average is $7.00 and its two-hundred day moving average is $5.35. The company has a quick ratio of 16.66, a current ratio of 16.40 and a debt-to-equity ratio of 0.03.

QuantumScape (NYSE:QS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $36.67 million for the quarter. During the same quarter in the previous year, the business posted ($0.25) EPS. As a group, research analysts expect that QuantumScape Corporation will post -0.82 EPS for the current year.

Hedge Funds Weigh In On QuantumScape

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QS. Ethic Inc. grew its stake in shares of QuantumScape by 63.7% in the second quarter. Ethic Inc. now owns 55,844 shares of the company’s stock worth $370,000 after acquiring an additional 21,737 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new stake in shares of QuantumScape in the second quarter worth $84,000. Atria Wealth Solutions Inc. grew its stake in shares of QuantumScape by 131.7% in the second quarter. Atria Wealth Solutions Inc. now owns 93,581 shares of the company’s stock worth $657,000 after acquiring an additional 53,200 shares during the last quarter. KLP Kapitalforvaltning AS grew its stake in shares of QuantumScape by 12.2% in the second quarter. KLP Kapitalforvaltning AS now owns 87,200 shares of the company’s stock worth $586,000 after acquiring an additional 9,500 shares during the last quarter. Finally, 111 Capital acquired a new stake in shares of QuantumScape in the second quarter worth $131,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

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.