Massive Drop Alert: These 10 Stocks Take a Beating

3. QuantumScape Corporation (NYSE:QS)

QuantumScape extended its losing streak to a fifth consecutive day on Tuesday, slashing 15.48 percent to close at $9.28 apiece as investors continued to unload positions following an $11.6-million insider selling transaction.

On Friday, QuantumScape Corporation (NYSE:QS) co-founder and Chief Scientific Advisor Fritz Prinz sold off 1 million shares in the company at an average price of $11.6175 apiece.

The disposition of shares effectively dropped Prinz’s ownership in the company by 85 percent to just over 161,343 shares, or about $1.87 million.

Investors typically take insider selling in a negative light especially without any reason to justify the sale, and given the hefty drop in their remaining stake.

In its latest earnings release, QuantumScape Corporation (NYSE:QS) said it narrowed its net loss attributable to shareholders by 6.8 percent to $114.7 million from $123 million in the same period last year. Net loss for the first semester of the year also shrank by 6 percent to $229 million from $243.6 million year-on-year.

Loss from operations came in at $123 million during the quarter, lower by 8 percent than the $134 million in the same period last year. This put its first-half loss from operations down by 7 percent to $247 million from $266 million year-on-year.