Geode Capital Management LLC Increases Position in QuantumScape Corporation $QS

Geode Capital Management LLC lifted its stake in QuantumScape Corporation (NYSE:QS) by 12.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 6,914,680 shares of the company’s stock after purchasing an additional 768,070 shares during the quarter. Geode Capital Management LLC’s holdings in QuantumScape were worth $46,475,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in QS. Federated Hermes Inc. grew its stake in QuantumScape by 660.0% in the first quarter. Federated Hermes Inc. now owns 6,262 shares of the company’s stock valued at $26,000 after purchasing an additional 5,438 shares during the last quarter. North Capital Inc. purchased a new position in shares of QuantumScape in the 2nd quarter worth approximately $27,000. Quarry LP bought a new position in shares of QuantumScape during the 1st quarter worth approximately $37,000. PNC Financial Services Group Inc. lifted its position in QuantumScape by 54.5% during the second quarter. PNC Financial Services Group Inc. now owns 5,565 shares of the company’s stock valued at $37,000 after acquiring an additional 1,963 shares during the last quarter. Finally, Freedom Investment Management Inc. acquired a new stake in QuantumScape in the first quarter valued at approximately $43,000. Institutional investors own 29.87% of the company’s stock.

Insider Transactions at QuantumScape

In other news, insider Michael O. Mccarthy III sold 20,435 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $16.12, for a total value of $329,412.20. Following the sale, the insider directly owned 137,888 shares of the company’s stock, valued at $2,222,754.56. This represents a 12.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brad W. Buss sold 300,000 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $17.98, for a total transaction of $5,394,000.00. Following the transaction, the director directly owned 122,476 shares of the company’s stock, valued at approximately $2,202,118.48. This trade represents a 71.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,278,248 shares of company stock valued at $47,585,200 over the last quarter. Company insiders own 5.48% of the company’s stock.

QuantumScape Price Performance

NYSE QS opened at $11.89 on Wednesday. The company has a market cap of $7.15 billion, a price-to-earnings ratio of -14.67 and a beta of 4.83. The company has a debt-to-equity ratio of 0.02, a current ratio of 21.14 and a quick ratio of 21.14. The stock’s fifty day moving average price is $14.55 and its 200 day moving average price is $9.88. QuantumScape Corporation has a 1 year low of $3.40 and a 1 year high of $19.07.

QuantumScape (NYSE:QS) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). During the same period in the previous year, the company posted ($0.23) EPS. As a group, equities research analysts forecast that QuantumScape Corporation will post -0.82 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on QS. Cowen reaffirmed a “hold” rating on shares of QuantumScape in a research report on Thursday, October 30th. TD Cowen boosted their target price on QuantumScape from $5.00 to $16.00 and gave the stock a “hold” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of QuantumScape in a research note on Wednesday, October 8th. Hsbc Global Res raised QuantumScape to a “moderate sell” rating in a report on Wednesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft set a $10.00 price target on QuantumScape and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $8.81.

QuantumScape Profile

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.