Shares of QuantumScape, QS the maker of lithium-metal batteries for electric vehicles, dropped more than 40% on Monday, a day when the electric-vehicle sector is up big on strong delivery numbers.
The San Jose, Calif., company at last check was off 40% to $50.80 a share. The shares have lost more than half their market value in the past four trading days.
No specific news was driving Monday’s decline. But the company closed its merger with a SPAC, Kensington Capital, in late November and jumped 57% to $37 in that first trading day after closing. The stock then more than tripled, touching near $133 in late December.
RealMoney chartist Bruce Kamich has a detailed look at QuantumScape’s chart trajectory here.
And TheStreet’s Jon Markman discusses QuantumScape’s prospects.
Monday was a strong day for the electric-vehicle sector after multiple EV makers, domestic and international, reported record monthly and quarterly delivery results.
Shares of Workhorse Group (WKHS) – Get Report jumped Monday after the EV maker said it received a purchase order for 6,320 of its C-Series all-electric delivery vehicles from Canada’s Pride Group Enterprises.
Tesla (TSLA) – Get Report pushed to an all-time high. The Palo Alto, Calif., electric-vehicle maker company said it delivered 180,570 vehicles in the December quarter, a 61% increase from the year-earlier period.
The company delivered 499,550 vehicles in the year, just short of CEO Elon Musk’s target of 500,000 vehicles delivered.
Jim Cramer says a Joe Biden presidency could push Tesla stock higher.