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QuantumScape Stock Is Sliding Today — What's Going On?

Published 14/12/2022, 13:44
© Reuters QuantumScape Stock Is Sliding Today — What's Going On?
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Benzinga - QuantumScape Corp (NYSE: QS) shares are trading lower Wednesday following a downgrade from Goldman Sachs (NYSE:GS).

What Happened: Goldman Sachs analyst Mark Delaney downgraded QuantumScape from a Neutral rating to a Sell rating and lowered the price target from $8 to $5, citing increased competition and noting the company has a long way to go before earnings and cash flow turn positive.

The Goldman Sachs analyst touched on QuantumScape as part of a broader note on the industry. Delaney expects the company to underperform moving forward.

QuantumScape is engaged in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles.

QS Price Action: QuantumScape has a 52-week high of $25.10 and a 52-week low of $6.61.

The stock was down 6.06% at $6.66 at time of publication, according to Benzinga Pro.

Photo: Nerijus jakimavičius from Pixabay.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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