QuantumScape Corp. (NASDAQ:QS) shares are trending Thursday night.
Shares of the California-based energy storage company that develops solid-state lithium-metal battery technology edged 0.33% higher to $4.24 in after-hours trading on Thursday as investors weighed fresh analyst price target cuts ahead of the company’s third-quarter report.
Wall Street Trims Targets
On Thursday, Morgan Stanley (NYSE:MS) analyst Andrew Percoco cut his price target on QuantumScape to $5 from $9 and kept an Equal-Weight rating, which signals the stock is expected to perform in line with the broader market.
Earlier this week, Evercore ISI Group analyst Chris McNally lowered his target to $7 from $10 and held an In-Line rating. That rating carries a similar meaning.
Q3 Earnings Are the Next Test
The cuts follow QuantumScape’s announcement last week that it will report third-quarter results after the market close on Wednesday, Oct. 21.
In the last quarter reported in July, QuantumScape posted a non-GAAP loss of 16 cents per share, beating the consensus estimate of a loss of 18 cents by 11.1%.
Trading Metrics, Technical Analysis
QuantumScape has a market capitalization of about $2.62 billion. Over the past 52 weeks, its stock has traded as high as $18.56 and as low as $3.80.
QS has a Relative Strength Index (RSI) of 34.95.
Over the past 12 months, the mid-cap stock has fallen 76.30%.
Price Action: The gain in the late trading session follows an intraday jump of 7.63% where the stock closed at $4.23, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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