QuantumScape (NYSE:QS) Stock Price Up 8.2% – Here’s What Happened

QuantumScape Co. (NYSE:QS)’s share price shot up 8.2% during mid-day trading on Friday . The stock traded as high as $5.15 and last traded at $5.12. 8,523,557 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 9,358,702 shares. The stock had previously closed at $4.73.

Analyst Upgrades and Downgrades

QS has been the topic of several analyst reports. Truist Financial reiterated a “hold” rating and set a $7.00 price target (up from $6.00) on shares of QuantumScape in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $6.00 price objective on shares of QuantumScape in a research report on Tuesday, September 10th. Wolfe Research began coverage on shares of QuantumScape in a research note on Thursday, September 5th. They set an “underperform” rating for the company. Hsbc Global Res upgraded shares of QuantumScape to a “hold” rating in a report on Tuesday, November 19th. Finally, HSBC upgraded shares of QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price objective for the company in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.26.

QuantumScape Stock Up 9.5 %

The company has a quick ratio of 14.07, a current ratio of 14.07 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -5.45 and a beta of 4.50. The company’s 50 day moving average price is $5.18 and its 200 day moving average price is $5.65.

QuantumScape (NYSE:QS) last issued 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 quarter in the prior year, the firm posted ($0.23) earnings per share. As a group, research analysts forecast that QuantumScape Co. will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at QuantumScape

In other news, CFO Kevin Hettrich sold 55,647 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $5.05, for a total transaction of $281,017.35. Following the sale, the chief financial officer now owns 1,022,743 shares of the company’s stock, valued at approximately $5,164,852.15. This trade represents a 5.16 % 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, Director Jagdeep Singh sold 308,097 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.30, for a total value of $1,632,914.10. Following the completion of the transaction, the director now directly owns 2,563,767 shares of the company’s stock, valued at $13,587,965.10. This trade represents a 10.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 666,032 shares of company stock valued at $3,549,682. 12.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QuantumScape

Several large investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its stake in QuantumScape by 6,650.0% in the third quarter. Nisa Investment Advisors LLC now owns 135,000 shares of the company’s stock valued at $776,000 after buying an additional 133,000 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in QuantumScape in the second quarter valued at $1,950,000. Weiss Asset Management LP purchased a new stake in shares of QuantumScape in the third quarter valued at about $828,000. Sanctuary Advisors LLC acquired a new stake in shares of QuantumScape during the second quarter worth about $680,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of QuantumScape during the second quarter worth about $644,000. Institutional investors and hedge funds own 29.87% of the company’s stock.

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.