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QuantumScape (NYSE:QS) Trading Down 8.8%

Financial News Live ·  Nov 17, 2022 04:11

Shares of QuantumScape Co. (NYSE:QS – Get Rating) were down 8.8% during mid-day trading on Wednesday . The company traded as low as $7.35 and last traded at $7.40. Approximately 147,133 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 7,724,500 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

Several research analysts have recently commented on QS shares. Deutsche Bank Aktiengesellschaft reduced their price target on QuantumScape from $20.00 to $13.00 in a report on Thursday, July 28th. Morgan Stanley cut shares of QuantumScape from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $12.00 to $4.00 in a research note on Wednesday, November 9th. Truist Financial started coverage on shares of QuantumScape in a research report on Wednesday, September 28th. They set a "hold" rating and a $10.00 price target on the stock. Finally, The Goldman Sachs Group cut their target price on QuantumScape from $9.00 to $8.00 and set a "neutral" rating for the company in a research note on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $14.29.

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QuantumScape Stock Performance

The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -8.69 and a beta of 5.58. The company has a 50-day moving average price of $8.89 and a 200-day moving average price of $10.33. The company has a quick ratio of 25.68, a current ratio of 25.68 and a debt-to-equity ratio of 0.03.

Insider Buying and Selling at QuantumScape

In related news, insider Michael O. Mccarthy III sold 36,757 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $12.62, for a total transaction of $463,873.34. Following the transaction, the insider now owns 446,036 shares in the company, valued at $5,628,974.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Michael O. Mccarthy III sold 36,757 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $12.62, for a total transaction of $463,873.34. Following the completion of the sale, the insider now directly owns 446,036 shares in the company, valued at $5,628,974.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mohit Singh sold 8,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $7.63, for a total value of $64,855.00. Following the completion of the sale, the insider now directly owns 302,157 shares in the company, valued at approximately $2,305,457.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 251,166 shares of company stock valued at $2,690,874. Company insiders own 13.73% of the company's stock.

Institutional Investors Weigh In On QuantumScape

A number of large investors have recently added to or reduced their stakes in the business. Capricorn Investment Group LLC bought a new stake in shares of QuantumScape in the 2nd quarter valued at $303,140,000. KPCB XIV Associates LLC bought a new position in QuantumScape in the 2nd quarter valued at approximately $43,556,000. Vanguard Group Inc. boosted its position in QuantumScape by 11.9% in the third quarter. Vanguard Group Inc. now owns 20,555,744 shares of the company's stock worth $172,874,000 after purchasing an additional 2,178,359 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of QuantumScape by 125.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,664,500 shares of the company's stock valued at $14,298,000 after buying an additional 925,800 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in QuantumScape by 22.4% during the 3rd quarter. Two Sigma Investments LP now owns 4,275,001 shares of the company's stock valued at $35,953,000 after buying an additional 782,558 shares in the last quarter. Institutional investors own 25.44% of the company's stock.

About QuantumScape

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QuantumScape Corporation, a 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.

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