Why QuantumScape Stock Surged 28% This Week
Despite a jarring drop Thursday morning in response to its earnings report, QuantumScape (NYSE: QS) shares are having a solid overall run-up this week. The electric vehicle (EV) battery stock shot up 28.1% at its highest point in trading during the week, according to data provided by S&P Global Market Intelligence. Turns out that investors were hugely optimistic about QuantumScape ahead of its earnings release, and although some dumped the stock after earnings, some continue to bet on it.
QuantumScape stock made a big move just ahead of its fourth-quarter earnings release after market close on Feb. 15. The stock had a brutal 2022, but expectations ran higher after the company shipped its first 24-layer prototype lithium battery cell samples to automakers for testing in December. Management even said this was the company's most important goal for 2022.
QuantumScape shares surged a whopping 50% in January, and the exuberance spilled over to February, especially with the company's earnings around the corner.
Source Fool.com
