SAN JOSE, Calif.—Prinz Fritz, a director at QuantumScape Corp (NYSE:QS), recently sold 12,908 shares of the company's common stock. The shares were sold at a weighted average price of $5.0422, amounting to a total transaction value of $65,084. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted by Fritz earlier this year in March.
Following this transaction, Fritz holds 241,195 shares directly. Additionally, through various trusts, he retains indirect ownership of significant shares, including 777,906 shares held by the Prinz Family Trust, 259,302 shares by the Benedikt Prinz 2019 Trust, and another 259,302 shares by the Marie Helene Prinz 2019 Trust.
The transaction was executed on November 21, 2024, and was officially reported to the Securities and Exchange Commission on November 22, 2024. QuantumScape, a company known for its advancements in solid-state battery technology, continues to see active trading by its insiders.
In other recent news, QuantumScape has made significant strides in the solid-state battery industry. The company has commenced initial production and customer shipments of its QSE-5 B-samples from the Raptor production line, marking a pivotal milestone as these are the first anode-free solid-state lithium metal cells for automotive applications. QuantumScape's Q3 financial results indicated a GAAP net loss of $119.7 million and an adjusted EBITDA loss of $71.6 million, leading to a revision in the company's financial guidance for 2024.
HSBC (LON:HSBA) recently upgraded QuantumScape's rating from Reduce to Hold, citing the company's significant technological progress and a strategic shift towards licensing its technology. However, the firm noted uncertain outcomes tied to targeted volumes and royalty rates. Truist Securities and TD Cowen have also maintained a Hold rating on QuantumScape, acknowledging the company's operational efficiencies and adherence to its projected timeline.
The company's recent licensing agreement with VW's PowerCo, a first in the solid-state battery space, is expected to play a crucial role in the future production and distribution of QuantumScape's C-samples and subsequent products. This collaboration includes a $130 million prepayment. QuantumScape also anticipates that the Cobra heat treatment equipment, critical for high-volume B-sample production, will be operational by the end of 2024. These are among the recent developments in QuantumScape's operations.
InvestingPro Insights
As Prinz Fritz reduces his direct holdings in QuantumScape, investors might be curious about the company's financial health and market performance. According to InvestingPro data, QuantumScape's market capitalization stands at $2.64 billion, reflecting its position in the competitive electric vehicle battery sector.
Despite the recent insider sale, QuantumScape maintains a strong liquidity position. An InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which could provide financial flexibility as it continues to develop its solid-state battery technology. Additionally, another tip notes that liquid assets exceed short-term obligations, suggesting a healthy short-term financial outlook.
However, investors should be aware that QuantumScape is not currently profitable, with an adjusted operating income of -$521.16 million over the last twelve months. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. The stock's volatility, as mentioned in another tip, is reflected in its price movements, with a one-year price total return of -8.51% and a year-to-date return of -25.76%.
For those seeking a more comprehensive analysis, InvestingPro offers additional insights with 9 more tips available for QuantumScape, providing a deeper understanding of the company's financial position and market prospects.
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