QuantumScape (NYSE:QS) Shares Up 4.7% – Here’s What Happened

QuantumScape Co. (NYSE:QS) shares shot up 4.7% during mid-day trading on Friday . The stock traded as high as $5.40 and last traded at $5.39. 2,771,406 shares were traded during trading, a decline of 68% from the average session volume of 8,690,152 shares. The stock had previously closed at $5.15.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QS. Wolfe Research began coverage on QuantumScape in a research note on Thursday, September 5th. They set an “underperform” rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $6.00 price target on shares of QuantumScape in a research note on Tuesday, September 10th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $7.00 price target (up from $6.00) on shares of QuantumScape in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, QuantumScape currently has an average rating of “Hold” and an average price target of $6.14.

QuantumScape Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 14.07 and a quick ratio of 8.66. The business has a 50-day simple moving average of $5.63 and a 200 day simple moving average of $5.79. The firm has a market cap of $2.62 billion, a PE ratio of -5.39 and a beta of 4.60.

QuantumScape (NYSE:QS) last released its earnings results on Wednesday, October 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same period in the previous year, the firm posted ($0.23) earnings per share. Equities research analysts forecast that QuantumScape Co. will post -0.97 EPS for the current year.

Insider Activity at QuantumScape

In other news, Director Jagdeep Singh sold 192,270 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $5.50, for a total value of $1,057,485.00. Following the completion of the sale, the director now directly owns 2,809,253 shares of the company’s stock, valued at $15,450,891.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Jagdeep Singh sold 192,270 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $5.50, for a total transaction of $1,057,485.00. Following the completion of the sale, the director now directly owns 2,809,253 shares of the company’s stock, valued at approximately $15,450,891.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Holme sold 44,306 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $6.11, for a total value of $270,709.66. Following the sale, the chief technology officer now directly owns 1,168,496 shares of the company’s stock, valued at $7,139,510.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 903,591 shares of company stock valued at $5,195,582. Insiders own 12.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QS. Canada Pension Plan Investment Board acquired a new position in QuantumScape during the 2nd quarter valued at about $1,950,000. Sanctuary Advisors LLC acquired a new position in QuantumScape during the 2nd quarter valued at about $680,000. Swiss National Bank increased its position in QuantumScape by 9.3% during the 1st quarter. Swiss National Bank now owns 678,800 shares of the company’s stock valued at $4,270,000 after buying an additional 58,000 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in QuantumScape during the 2nd quarter valued at about $644,000. Finally, Principal Financial Group Inc. increased its position in QuantumScape by 40.2% during the 1st quarter. Principal Financial Group Inc. now owns 28,278 shares of the company’s stock valued at $178,000 after buying an additional 8,106 shares in the last quarter. 29.87% of the stock is currently owned by hedge funds and other institutional investors.

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.