QuantumScape (NYSE:QS) Shares Gap Up – Should You Buy?

QuantumScape Corporation (NYSE:QS) shares gapped up prior to trading on Thursday. The stock had previously closed at $4.52, but opened at $4.75. QuantumScape shares last traded at $4.4350, with a volume of 2,964,210 shares.

Analysts Set New Price Targets

Separately, TD Cowen reduced their price target on 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, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.47.

QuantumScape Stock Performance

The firm’s 50 day moving average price is $5.39 and its two-hundred day moving average price is $6.51. 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 cap of $2.73 billion, a PE ratio of -5.45 and a beta of 2.83.

QuantumScape (NYSE:QS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.02. During the same quarter in the previous year, the business posted ($0.20) EPS. The business’s revenue was up .0% on a year-over-year basis. On average, research analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Insider Transactions at QuantumScape

In other QuantumScape news, CTO Timothy Holme sold 45,000 shares of QuantumScape stock in a transaction on Monday, October 5th. The stock was sold at an average price of $4.54, for a total value of $204,300.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 294,599 shares of company stock worth $1,473,271 over the last ninety days. 3.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On QuantumScape

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 3,290,942 shares during the last quarter. Norges Bank acquired a new position in QuantumScape in the fourth quarter valued at about $29,321,000. Bank of New York Mellon Corp acquired a new position in QuantumScape in the second quarter valued at about $9,619,000. Clear Street Group Inc. purchased a new position in QuantumScape during the fourth quarter worth about $10,314,000. Finally, California State Teachers Retirement System boosted its stake in QuantumScape by 23.3% during the first quarter. California State Teachers Retirement System now owns 491,725 shares of the company’s stock worth $3,137,000 after buying an additional 93,079 shares during the period. 29.87% of the stock is currently owned by hedge funds and other institutional investors.

About QuantumScape

QuantumScape Corporation is a development-stage battery technology company focused on solid-state lithium-metal batteries for electric vehicles and other applications. Its technology is designed to replace conventional lithium-ion battery components, including the graphite anode, with a lithium-metal anode and a solid ceramic separator.

The company is developing battery cells intended to offer higher energy density, faster charging, improved safety and longer operating range than many conventional lithium-ion batteries.