QuantumScape Corp (NYSE:QS) Chief Legal Officer, Michael O. McCarthy III, has recently sold a significant number of shares in the company. On September 12 and 13, McCarthy sold a total of 206,122 shares of Class A Common Stock at prices ranging from $5.7967 to $5.8975, amounting to over $1.2 million.
These transactions were part of a series of sales and acquisition of shares by McCarthy, as reported in the latest SEC filings. Alongside the sales, McCarthy also acquired 197,261 shares through the exercise of stock options at a price of $2.377 per share, for a total of approximately $483,151.
The sales took place in multiple transactions, with prices for the stock sold on September 12 ranging from $5.7626 to $5.8555, and on September 13 ranging from $5.8090 to $5.9606. These weighted average prices reflect the varying prices at which the stock was sold during the trading day.
The recent filings also indicate that McCarthy’s ownership in QuantumScape following these transactions includes 921,630 shares represented by restricted stock units (RSUs) and performance restricted stock units (PSUs), which vest based on time and performance milestones.
Investors often monitor insider transactions as they can provide insights into an executive’s confidence in the company’s future performance. QuantumScape, a leader in the development of solid-state batteries for electric vehicles, has been closely watched by investors interested in the evolving electric vehicle sector.
QuantumScape’s stock, traded under the ticker QS, has experienced volatility as the market assesses the company’s technology and its potential impact on the electric vehicle industry. The transactions by a high-level insider such as the Chief Legal Officer are noteworthy events that market participants may consider as part of their investment research.
In other recent news, QuantumScape Corporation has secured a significant licensing agreement with Volkswagen (ETR:)’s PowerCo. This agreement has extended QuantumScape’s cash runway into 2028 and covers an initial production volume of 40 gigawatt hours per year, with an option to expand to 80 gigawatt hours. Furthermore, Deutsche Bank has issued a Hold rating on QuantumScape, with a new price target of $6. Truist Securities also maintains a Hold rating but has revised its price target to $7 from $6, following the recent developments.
The licensing agreement with PowerCo is a crucial step for QuantumScape, potentially lessening its capital and operational…
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