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

QuantumScape Corporation (NYSE:QS)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $13.58, but opened at $14.41. QuantumScape shares last traded at $14.76, with a volume of 9,349,722 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft set a $10.00 price target on QuantumScape and gave the stock a “hold” rating in a research report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a research note on Wednesday, October 8th. Robert W. Baird lifted their target price on QuantumScape from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Finally, TD Cowen upgraded QuantumScape to a “hold” rating in a research note on Monday, July 7th. Seven equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $6.47.

QuantumScape Price Performance

The company has a current ratio of 16.40, a quick ratio of 16.40 and a debt-to-equity ratio of 0.03. The business has a 50-day simple moving average of $11.82 and a 200 day simple moving average of $8.12. The stock has a market cap of $9.50 billion, a P/E ratio of -20.72 and a beta of 4.85.

QuantumScape (NYSE:QS) last announced its earnings results on Wednesday, October 22nd. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The business had revenue of ($36.67) million for the quarter. During the same quarter last year, the firm posted ($0.23) EPS. On average, analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael O. Mccarthy III sold 38,035 shares of QuantumScape stock in a transaction on Friday, September 12th. The stock was sold at an average price of $9.13, for a total value of $347,259.55. Following the completion of the transaction, the insider directly owned 1,397,382 shares in the company, valued at approximately $12,758,097.66. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey B. Straubel sold 157,171 shares of QuantumScape stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $13.94, for a total value of $2,190,963.74. Following the completion of the transaction, the director owned 321,040 shares of the company’s stock, valued at approximately $4,475,297.60. This trade represents a 32.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 827,870 shares of company stock valued at $9,399,135. Insiders own 5.48% of the company’s stock.

Institutional Investors Weigh In On QuantumScape

A number of hedge funds and other institutional investors have recently modified their holdings of QS. Cambridge Investment Research Advisors Inc. increased its holdings in QuantumScape by 362.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 379,018 shares of the company’s stock valued at $1,577,000 after purchasing an additional 297,097 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in QuantumScape by 39.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,266 shares of the company’s stock worth $503,000 after purchasing an additional 32,625 shares during the period. Summit Trail Advisors LLC purchased a new stake in QuantumScape in the 1st quarter worth $76,000. Teacher Retirement System of Texas purchased a new stake in QuantumScape in the 1st quarter worth $236,000. Finally, Bank of New York Mellon Corp increased its stake in QuantumScape by 2.1% in the 1st quarter. Bank of New York Mellon Corp now owns 941,148 shares of the company’s stock worth $3,915,000 after buying an additional 19,764 shares in the last quarter. Institutional investors 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.