Shares of QuantumScape Corporation (NYSE: QS) rocketed 50.1% higher in January, according to data from S&P Global Market Intelligence.

It was a good month for heavily shorted growth stocks that had been beaten down in 2022, as meme stock buying saw a bit of a resurgence last month. QuantumScape certainly fits that description, and it rallied with several other highly shorted names. On the other hand, there were actually some bits of positive news for QuantumScape at the company level in late December, which may have helped fuel the outsize gains last month.

As QuantumScape is not only pre-profit but actually pre-revenue, it remains a highly risky stock, as investors are essentially betting its developmental solid-state EV battery technology will eventually be commercialized, and profitably, one day in the future.

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Source Fool.com