QuantumScape (NYSE:QS) Announces Quarterly Earnings Results

QuantumScape (NYSE:QS - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20), Zacks reports.

QuantumScape Stock Down 7.1%

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NYSE QS traded down $0.97 during mid-day trading on Wednesday, hitting $12.83. The company's stock had a trading volume of 73,214,918 shares, compared to its average volume of 16,994,959. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of -14.10 and a beta of 4.42. QuantumScape has a twelve month low of $3.40 and a twelve month high of $15.03. The company has a current ratio of 16.66, a quick ratio of 16.66 and a debt-to-equity ratio of 0.03. The company's 50 day simple moving average is $5.82 and its 200 day simple moving average is $5.02.

Insider Activity at QuantumScape

In related news, insider Mohit Singh sold 465,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $8.21, for a total value of $3,817,650.00. Following the completion of the sale, the insider owned 1,641,711 shares of the company's stock, valued at $13,478,447.31. This trade represents a 22.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Fritz Prinz sold 864,708 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $7.02, for a total value of $6,070,250.16. Following the completion of the sale, the director directly owned 81,364 shares of the company's stock, valued at $571,175.28. The trade was a 91.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,589,468 shares of company stock worth $18,114,411. Company insiders own 12.03% of the company's stock.

Institutional Inflows and Outflows

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Several institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in QuantumScape by 456.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,759,334 shares of the company's stock worth $19,799,000 after acquiring an additional 3,904,168 shares during the last quarter. AQR Capital Management LLC bought a new stake in QuantumScape in the 1st quarter worth approximately $321,000. Finally, NewEdge Advisors LLC increased its stake in QuantumScape by 50.4% in the 1st quarter. NewEdge Advisors LLC now owns 21,224 shares of the company's stock worth $88,000 after acquiring an additional 7,111 shares during the last quarter. 29.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QS. TD Cowen raised shares of QuantumScape to a "hold" rating in a report on Monday, July 7th. UBS Group downgraded shares of QuantumScape from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $5.00 to $2.50 in a research note on Thursday, April 10th. Robert W. Baird dropped their price target on shares of QuantumScape from $8.00 to $6.00 and set a "neutral" rating for the company in a research note on Thursday, April 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 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 company's stock. According to MarketBeat.com, QuantumScape presently has a consensus rating of "Hold" and a consensus target price of $5.19.

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Read Our Latest Analysis on QS

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.

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