QuantumScape (NYSE:QS) Sets New 52-Week Low – Time to Sell?

QuantumScape Corporation (NYSE:QS)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.76 and last traded at $4.8050, with a volume of 4193112 shares changing hands. The stock had previously closed at $4.91.

Wall Street Analysts Forecast Growth

Separately, TD Cowen dropped their price objective on shares of QuantumScape from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Friday, July 24th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, QuantumScape presently has a consensus rating of “Reduce” and an average price target of $9.47.

QuantumScape Price Performance

The business’s 50 day moving average is $5.55 and its two-hundred day moving average is $6.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 21.14 and a current ratio of 21.14. The firm has a market capitalization of $3.06 billion, a PE ratio of -6.06 and a beta of 2.68.

QuantumScape (NYSE:QS) last posted its earnings results on Wednesday, July 22nd. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.02. During the same period in the previous year, the company posted ($0.20) EPS. The firm’s quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts anticipate that QuantumScape Corporation will post -0.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Timothy Holme sold 45,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $5.09, for a total transaction of $229,050.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin Hettrich sold 9,800 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $7.28, for a total transaction of $71,344.00. Following the completion of the sale, the chief financial officer directly owned 1,816,257 shares in the company, valued at approximately $13,222,350.96. The trade was a 0.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 321,644 shares of company stock worth $1,998,959. 3.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QuantumScape

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in QuantumScape by 134.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,735,035 shares of the company’s stock worth $36,570,000 after acquiring an additional 3,290,942 shares during the period. Norges Bank purchased a new stake in QuantumScape in the 4th quarter worth approximately $29,321,000. Bank of New York Mellon Corp bought a new position in QuantumScape in the 2nd quarter valued at $9,619,000. Geode Capital Management LLC boosted its holdings in QuantumScape by 16.7% in the 4th quarter. Geode Capital Management LLC now owns 8,327,604 shares of the company’s stock valued at $86,794,000 after purchasing an additional 1,189,748 shares during the period. Finally, Clear Street Group Inc. purchased a new position in shares of QuantumScape during the 4th quarter valued at $10,314,000. Hedge funds and other institutional investors own 29.87% of the company’s stock.

About QuantumScape

QuantumScape Corporation (NYSE: QS) is a battery technology company developing solid-state lithium-metal batteries for electric vehicles and other energy-storage applications. Its technology is designed to replace the liquid electrolyte used in conventional lithium-ion batteries with a solid ceramic separator, with the goal of improving energy density, charging performance, safety and operating range.

The company is focused on designing, testing and scaling prototype cells rather than selling mass-produced batteries.