Timothy Holme, Chief Technology Officer of QuantumScape Corporation (NYSE: QS), has sold 166,440 shares of the company’s stock in a transaction that took place on December 4, 2023. The shares were sold at an average price of $12.69, totaling approximately $2,112,123.60. Following this sale, Holme retains ownership of 1,251,383 shares, valued at around $15,880,050.27, marking an 11.74% decrease in his holdings.
The transaction details were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), highlighting ongoing changes in the company’s executive shareholding.
Stock Performance and Analyst Insights
During midday trading on Monday, shares of QuantumScape traded up $0.05 to reach $12.60. The trading volume was notably high, with 12,450,506 shares exchanged, compared to the company’s average volume of 28,715,951 shares. QuantumScape holds a market capitalization of $7.57 billion and has shown significant volatility, with a 52-week low of $3.40 and a 52-week high of $19.07.
In recent weeks, several analysts have provided updates on QuantumScape’s stock performance. Notably, Deutsche Bank Aktiengesellschaft set a price target of $10.00 and rated the stock as a “hold” in a report dated October 23, 2023. Morgan Stanley initiated coverage with an “equal weight” rating, assigning a target price of $12.00. In contrast, TD Cowen recently raised its target from $5.00 to $16.00, maintaining a “hold” rating.
Other key insights include HSBC’s downgrade from “hold” to “reduce,” increasing its price target from $5.30 to $10.50. Overall, seven analysts currently rate the stock as a hold, while four suggest a sell, leading to a consensus rating of “reduce” with a target price of $9.17, according to data from MarketBeat.
Institutional Investment Trends
Recent activity among institutional investors indicates a mix of sentiment regarding QuantumScape. Tsfg LLC increased its stake by 233.3% in the third quarter, now holding 2,000 shares valued at $25,000. Similarly, REAP Financial Group LLC expanded its holdings by 300.0%, acquiring 2,000 shares for the same value after adding 1,500 shares.
Other notable increases include Global Retirement Partners LLC, which raised its stake by 538.7% to own 2,312 shares valued at $28,000, and VSM Wealth Advisory LLC, which boosted its holdings by 46.8%. Collectively, institutional investors and hedge funds now own approximately 29.87% of QuantumScape’s stock.
Founded in 2010 and headquartered in San Jose, California, QuantumScape focuses on the development of solid-state lithium-metal batteries, primarily aimed at enhancing electric vehicle performance. The company is currently in a research and development phase, positioning itself at the forefront of battery technology innovation.
As QuantumScape navigates the complexities of the electric vehicle market, the actions of its executives and institutional investors may play a critical role in shaping its future trajectory.
