QuantumScape Corp (NYSE:QS) shares traded higher on Monday. The move may have been an attempt by the stock to recover from losses made throughout most of January.
What To Know: Shares of QuantumScape surged at the beginning of the month when Volkswagen Group subsidiary PowerCo provided positive results from tests using a solid-state battery from the company. But, the stock pulled back steadily from the strength of the move in the weeks that followed.
The sell-off slowed during the second half of January, with shares consolidating near the price they were trading at before the spike.
Despite any company-specific news, the stock gained by over 9% on Monday. While shares may be attempting to rebound from the losses made in the first half of the month, elevated levels of short interest, with 16.59% of shares currently sold short, may also be a factor in Monday’s move.
It is also worth noting that strength in the EV sector during the session may have helped lift the stock as well.
QS Price Action: Shares of QuantumScape were up 8.30% at $7.18 at the close of the market Monday, according to Benzinga Pro.
Related Link: Tesla Chair Robyn Denholm Prepares To Sell Up To $50 Million Of Stock
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