Why QuantumScape Stock Is Plunging Today
QuantumScape (NYSE: QS) stock is crashing Tuesday morning, having lost as much as 10% in value as of 12:15 p.m. EST.
The electric-vehicle battery stock has been on fire ever since President Joe Biden's $1.2 trillion infrastructure bill was passed. With Biden even signing the landmark bill into law later the afternoon of Nov. 15, you'd have expected QuantumScape stock to soar even higher today. It might have, if not for a huge analyst downgrade that's even overshadowed a milestone the company hit this very morning.
This morning, Morgan Stanley analyst Adam Jonas downgraded his rating on QuantumScape stock and slashed his price target to only $40 a share from $70 per share -- yes, that's a whopping 43% cut. The stock is hovering around $36.5 a share as of this writing.
Source Fool.com
