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In 2023, QuantumScape Corporation (NYSE: QS) Shares Will Likely Be Bullish

QuantumScape Corporation (NYSE:QS) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -3.01% to the previous day’s close as strong demand from buyers drove the stock to $6.45.

Actively observing the price movement in the last trading, the stock closed the session at $6.65, falling within a range of $6.26 and $6.565. The value of beta (5-year monthly) was 5.12. Referring to stock’s 52-week performance, its high was $13.86, and the low was $5.11. On the whole, QS has fluctuated by -11.52% over the past month.

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With the market capitalization of QuantumScape Corporation currently standing at about $2.93 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 25, 2023 – Jul 31, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.21, which is expected to increase to -$0.17 for fiscal year -$0.87 and then to about -$0.83 by fiscal year 2024. Data indicates that the EPS growth is expected to be 8.40% in 2024, while the next year’s EPS growth is forecast to be 4.60%.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that QS’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of QS currently trading nearly 1.47% and -9.26% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 47.01, while the 7-day volatility ratio is showing 6.58% which for the 30-day chart, stands at 5.64%. Furthermore, QuantumScape Corporation (QS)’s average true range (ATR) is 0.39.

Data on historical trading for QuantumScape Corporation (NYSE:QS) indicates that the trading volumes over the past 10 days have averaged 4.82 million and over the past 3 months, they’ve averaged 4.59 million. According to company’s latest data on outstanding shares, there are 440.08 million shares outstanding.

Nearly 1.40% of QuantumScape Corporation’s shares belong to company insiders and institutional investors own 36.70% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 58.16 million shares as on Apr 27, 2023, resulting in a short ratio of 14.11. According to the data, the short interest in QuantumScape Corporation (QS) stood at 13.11% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 54.36 million. The stock has risen by 13.76% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the QS stock heading into the next quarter.

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