QuantumScape Hits Its Mark, but Still Stalls Out in the Market
Solid-state lithium battery developer QuantumScape (NYSE: QS) once again got routed by the market despite the promise its technology holds for the electric car industry. While it has no revenue since it is a pre-sales startup, it is compiling serious backing from automakers and looks to be meeting the milestone targets it has set for itself.
Even so, the stock closed down 3% prior to the company reporting results after the market closed on Wednesday, and then tumbled another 6% in after-hours trading. (Corporate Event Data provided by Wall Street Horizon.) Year to date, the stock has lost almost a quarter of its value and it has seen three-quarters of its share price wiped away from its 52-week high.
Investor interest in EV stocks has waned since last summer when they were a hot commodity, and so a stock without any product or sales may be too risky for this market environment. Yet, investors still might want to give QuantumScape a closer look.
Source Fool.com
