QuantumScape (NYSE:QS) Downgraded by Wolfe Research to Underperform

Posted by Defense World Staff on Jun 9th, 2023

Wolfe Research downgraded shares of QuantumScape (NYSE:QS – Get Rating) from a peer perform rating to an underperform rating in a research note issued to investors on Thursday, The Fly reports. Wolfe Research currently has $2.00 target price on the stock.

Several other equities analysts have also recently issued reports on QS. Deutsche Bank Aktiengesellschaft lowered their price target on QuantumScape from $10.00 to $8.00 in a research report on Friday, April 28th. The Goldman Sachs Group reduced their price objective on QuantumScape from $5.00 to $4.00 and set a sell rating for the company in a research note on Wednesday, April 12th.

QuantumScape Price Performance

QS opened at $6.81 on Thursday. QuantumScape has a 12 month low of $5.11 and a 12 month high of $13.86. The company has a debt-to-equity ratio of 0.03, a quick ratio of 22.85 and a current ratio of 22.85. The stock’s 50 day moving average price is $6.90 and its 200 day moving average price is $7.36.

QuantumScape (NYSE:QS – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). During the same quarter in the prior year, the business posted ($0.21) earnings per share. On average, analysts anticipate that QuantumScape will post -0.92 EPS for the current fiscal year.

Insider Transactions at QuantumScape

In related news, insider Michael O. Mccarthy III sold 32,674 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $6.64, for a total transaction of $216,955.36. Following the completion of the sale, the insider now directly owns 915,166 shares in the company, valued at $6,076,702.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 13.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On QuantumScape

Several institutional investors have recently bought and sold shares of QS. Signaturefd LLC raised its holdings in QuantumScape by 327.6% during the fourth quarter. Signaturefd LLC now owns 5,148 shares of the company’s stock valued at $29,000 after buying an additional 3,944 shares in the last quarter. Clear Street Markets LLC bought a new position in QuantumScape during the fourth quarter valued at about $32,000. CWM LLC raised its holdings in QuantumScape by 41.6% during the fourth quarter. CWM LLC now owns 5,843 shares of the company’s stock valued at $33,000 after buying an additional 1,718 shares in the last quarter. SailingStone Capital Partners LLC bought a new position in QuantumScape during the fourth quarter valued at about $41,000. Finally, Parallel Advisors LLC raised its holdings in QuantumScape by 122.1% during the first quarter. Parallel Advisors LLC now owns 5,330 shares of the company’s stock valued at $44,000 after buying an additional 2,930 shares in the last quarter. 26.09% of the stock is currently owned by institutional investors.

QuantumScape Company Profile

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QuantumScape Corporation, a 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.