What's Up With QuantumScape Stock?

QuantumScape Corp 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

Photo: Pexels from Pixabay