Insider selling is trivial relative to market cap and follows derivative conversions — no bearish signal. Monitor for any material news (earnings, partnership, or capital raise) that could explain the CTO's large derivative exercise, but the cluster itself is routine.
Price Chart
Executive Summary
QuantumScape's CFO and CTO executed open-market sales totaling $844K over two days, with the CTO also converting derivatives (non-cash). The CFO and CEO also surrendered shares for tax withholding on May 18. Total open-market sales represent ~0.016% of market cap — trivial in size. The CTO's sales follow derivative conversions and are likely liquidity-driven, not a bearish signal.
Key Financial Metrics
Key Facts
- CFO Hettrich sold 9,800 shares for ~$79K on May 21.
- CTO Holme sold 92,972 shares for ~$765K on May 21, following derivative conversions of 92,972 shares at $0.
- CTO Holme also sold 150,183 shares for ~$1.13M on May 20, following derivative conversions of 127,077 shares at $0.
- Total open-market sales: $844K (CFO $79K + CTO $765K).
- Tax-withholding share surrenders on May 18: CFO (30,535 shares), CTO (31,322), CLO (24,211), COO (108,065), CDO (31,913), CEO (67,369) — all non-cash events.
- Total cluster value including tax withholding: ~$3.9M, but only $844K is open-market selling.
- Open-market sales are ~0.016% of $5.2B market cap — well below 0.1% threshold for materiality.
- CTO's sales follow derivative conversions, consistent with option exercise-and-sell for diversification/liquidity.
Financial Impact
Open-market sales of $844K represent 0.016% of market cap — immaterial.
Risk Factors
- CTO's large derivative exercise and sale could precede a secondary offering or negative catalyst, though no such filing is present.
- Pre-revenue battery company faces high cash burn risk — insider sales, even small, may signal concern about valuation.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-QS-1779491541113 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | 144 | $5.88 $5.17 | ▼ −12.07% | ▼ −10.12% | $4.62 (−21.39%) |
Aug 18, 2026 6w ago | 144 | $5.88 $5.17 | ▼ −12.07% | ▼ −10.12% | $4.62 (−21.39%) |
Jul 7, 2026 12w ago | Insider Cluster | $6.63 $5.52 | ▼ −16.74% | ▼ −20.01% | $4.62 (−30.28%) |
Jun 11, 2026 16w ago | 144 | $7.09 $6.58 | ▼ −7.19% | ▼ −8.97% | $4.62 (−34.81%) |
May 22, 2026 18w ago | Insider Cluster | $8.71 $7.11 | ▼ −18.43% | ▼ −16.48% | $4.62 (−46.93%) |
May 19, 2026 19w ago | 144 | $7.30 $6.90 | ▼ −5.48% | ▼ −6.46% | $4.62 (−36.68%) |
May 19, 2026 19w ago | 144 | $7.30 $6.90 | ▼ −5.48% | ▼ −6.46% | $4.62 (−36.68%) |
May 12, 2026 20w ago | 144 | $8.66 $7.23 | ▼ −16.51% | ▼ −15.90% | $4.62 (−46.63%) |
May 6, 2026 21w ago | Insider Cluster | $7.95 $8.76 | ▲ +10.19% | ▲ +7.41% | $4.62 (−41.86%) |
Apr 22, 2026 23w ago | 8-K | $7.41 $7.67 | ▲ +3.51% | ▼ −1.13% | $4.62 (−37.62%) |
US Market Status
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