QuantumScape Corp's (NYSE:QS) Chief Legal Officer, Michael O. McCarthy III, has recently sold a significant amount of company stock. On May 21, 2024, McCarthy sold 22,554 shares of QuantumScape's Class A common stock at a weighted average price of $5.7168 per share, totaling approximately $128,936.
The transactions were conducted in multiple parts, with prices ranging from $5.66 to $5.81. McCarthy has committed to providing full information regarding the number of shares sold at each separate price upon request by QuantumScape, its security holders, or the SEC staff.
Following the sale, McCarthy still has a substantial interest in the company, owning 1,207,500 shares, which includes 1,020,732 shares represented by restricted stock units (RSUs) and performance restricted stock units (PSUs). These units are subject to vesting based on both time and performance milestones, contingent upon McCarthy's ongoing service with QuantumScape.
QuantumScape, based in San Jose, California, is known for its work in the field of solid-state batteries, a technology that promises to improve the performance and safety of electric vehicles. The company's stock is traded under the ticker symbol QS on the New York Stock Exchange.
InvestingPro Insights
QuantumScape Corp (NYSE:QS) has been navigating a challenging market environment, as highlighted in recent InvestingPro data. The company's market capitalization is currently at $2.84 billion, reflecting investor sentiment and market conditions. Despite the recent stock sale by Chief Legal Officer Michael O. McCarthy III, QuantumScape's financial health shows some strengths, with a notable cash position that exceeds its debt, as one of the InvestingPro Tips indicates.
In terms of profitability, the company's performance has been under scrutiny. Analysts, as per another InvestingPro Tip, do not expect QuantumScape to be profitable this year, which aligns with the company's negative earnings per share (EPS) of -$0.97 for the last twelve months as of Q1 2024. This is further underscored by the company's price-to-earnings (P/E) ratio of -6.16, suggesting that the market is pricing the company's earnings negatively.
Investors considering QuantumScape's stock should also be aware of its volatility, with the price having fluctuated significantly, as evidenced by a 1-month price total return of 5.57% and a 3-month price total return of -8.37%. This volatility is an essential factor for potential investors to consider, especially in the context of the company's lack of dividend payments, another aspect highlighted by InvestingPro Tips.
For those interested in a deeper analysis, InvestingPro offers additional tips on QuantumScape and other companies. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a wealth of financial data and insights to inform investment decisions. As of now, there are 8 more InvestingPro Tips available for QuantumScape, which can be accessed at https://www.investing.com/pro/QS.
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