Why QuantumScape Stock Jumped Higher Today

QuantumScape (NYSE: QS) is working to revolutionize electric-vehicle (EV) battery technology. If its solid-state solution can be proven successful and able to be produced at scale, it could lead to a surge of interest in consumer EV demand.

One Wall Street firm is acknowledging the company's progress and has raised its view of the stock. That led QuantumScape shares to surge today by as much as nearly 6%. As of 11:45 a.m. ET, the stock was still trading higher by 3.9%.

According to reports, financial services firm has upgraded QuantumScape from the equivalent of a sell to a hold recommendation. It also raised its price target on the stock by nearly 13% to $5.30. QuantumScape shares closed Monday's trading at $4.73 per share.

Source Fool.com