QuantumScape (NYSE:QS) Shares Gap Up – Time to Buy?

QuantumScape Co. (NYSE:QS)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $4.90, but opened at $5.52. QuantumScape shares last traded at $5.17, with a volume of 14,268,534 shares traded.

Wall Street Analyst Weigh In

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

QuantumScape Stock Performance

The stock has a fifty day simple moving average of $5.31 and a 200-day simple moving average of $5.71. The stock has a market cap of $2.65 billion, a P/E ratio of -5.35 and a beta of 4.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 14.07 and a current ratio of 14.07.

QuantumScape (NYSE:QS) last released its earnings results on Wednesday, October 23rd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). During the same quarter in the previous year, the company posted ($0.23) earnings per share. On average, equities analysts expect that QuantumScape Co. will post -0.99 earnings per share for the current year.

Insider Transactions at QuantumScape

In other QuantumScape news, insider Michael O. Mccarthy III sold 106,084 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $5.90, for a total transaction of $625,895.60. Following the sale, the insider now directly owns 1,181,884 shares of the company’s stock, valued at approximately $6,973,115.60. This represents a 8.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kevin Hettrich sold 55,647 shares of QuantumScape stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $5.05, for a total transaction of $281,017.35. Following the completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 702,057 shares of company stock worth $3,982,909 in the last three months. Insiders own 12.03% of the company’s stock.

Institutional Trading of QuantumScape

Hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of QuantumScape by 1.5% during the 3rd quarter. State Street Corp now owns 5,918,496 shares of the company’s stock worth $34,031,000 after buying an additional 87,563 shares during the period. Geode Capital Management LLC grew its position in shares of QuantumScape by 3.9% in the third quarter. Geode Capital Management LLC now owns 5,853,958 shares of the company’s stock valued at $33,671,000 after purchasing an additional 218,743 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of QuantumScape by 4.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,227,072 shares of the company’s stock valued at $12,806,000 after purchasing an additional 93,826 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in QuantumScape by 8.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,180,002 shares of the company’s stock worth $6,785,000 after purchasing an additional 94,103 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in QuantumScape by 1.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 930,614 shares of the company’s stock valued at $4,579,000 after purchasing an additional 11,897 shares during the period. 29.87% of the stock is owned by institutional investors and hedge funds.

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.