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EV-Battery Maker QuantumScape Continues Slump

QuantumScape stock has lost more than half its market value in four trading days.
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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.

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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 Workhorse Group Inc. 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 Tesla Inc. 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. 

China electric-vehicle makers Nio  (NIO) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Report XPeng  (XPEV) - Get Altitude Acquisition Corp. Unit Report and Li Auto  (LI) - Get Li Auto Inc. Report were all higher after they reported growth in December deliveries.

Jim Cramer says a Joe Biden presidency could push Tesla stock higher.