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

QuantumScape Corp QS shares are trading lower Wednesday following a downgrade from Goldman Sachs. 

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.

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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.