QuantumScape (NYSE:QS) Price Target Lowered to $8.00 at Evercore ISI

QuantumScape (NYSE:QS) had its price objective reduced by equities researchers at Evercore ISI from $10.00 to $8.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price indicates a potential upside of 44.85% from the stock’s previous close.

Several other analysts have also issued reports on QS. HSBC raised QuantumScape from a “reduce” rating to a “hold” rating and set a $5.30 price target for the company in a report on Tuesday, November 19th. Truist Financial dropped their price target on shares of QuantumScape from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday. Finally, Hsbc Global Res upgraded shares of QuantumScape to a “hold” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, QuantumScape currently has a consensus rating of “Hold” and an average price target of $6.06.

QuantumScape Stock Performance

Shares of NYSE:QS traded up $0.29 during trading on Tuesday, hitting $5.52. The company’s stock had a trading volume of 6,696,440 shares, compared to its average volume of 15,603,842. The company has a debt-to-equity ratio of 0.03, a current ratio of 14.07 and a quick ratio of 14.07. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -5.78 and a beta of 4.45. The company has a 50-day moving average of $5.27 and a 200-day moving average of $5.42. QuantumScape has a 12 month low of $4.65 and a 12 month high of $9.52.

QuantumScape (NYSE:QS) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.01). On average, sell-side analysts expect that QuantumScape will post -0.99 earnings per share for the current year.

Insider Activity

In other QuantumScape news, Director Fritz Prinz sold 12,908 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $5.04, for a total transaction of $65,056.32. Following the sale, the director now directly owns 241,195 shares in the company, valued at $1,215,622.80. This represents a 5.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jagdeep Singh sold 308,097 shares of the stock in a transaction 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 sale, the director now owns 2,563,767 shares in the company, valued at $13,587,965.10. The trade was a 10.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 567,878 shares of company stock worth $3,062,871 over the last quarter. Insiders own 12.03% of the company’s stock.

Hedge Funds Weigh In On QuantumScape

A number of large investors have recently made changes to their positions in QS. Signaturefd LLC raised its position in QuantumScape by 79.9% in the 3rd quarter. Signaturefd LLC now owns 4,838 shares of the company’s stock worth $28,000 after purchasing an additional 2,148 shares during the period. Ieq Capital LLC raised its holdings in shares of QuantumScape by 2.6% in the fourth quarter. Ieq Capital LLC now owns 87,370 shares of the company’s stock worth $453,000 after buying an additional 2,200 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of QuantumScape by 2.0% in the fourth quarter. Handelsbanken Fonder AB now owns 114,700 shares of the company’s stock worth $595,000 after buying an additional 2,300 shares during the period. Xponance Inc. boosted its holdings in QuantumScape by 17.8% during the 4th quarter. Xponance Inc. now owns 15,862 shares of the company’s stock valued at $82,000 after acquiring an additional 2,400 shares during the period. Finally, Arizona State Retirement System grew its position in QuantumScape by 2.3% in the 4th quarter. Arizona State Retirement System now owns 111,364 shares of the company’s stock valued at $578,000 after acquiring an additional 2,483 shares during the last quarter. 29.87% of the stock is owned by hedge funds and other institutional investors.

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.