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QuantumScape Climbs After Wolfe Initiates Hold With $25 Target

QuantumScape, the developer of solid-state lithium batteries for electric vehicles, was initiated hold with a $25 price target, a media report says.
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Shares of QuantumScape,  (QS) - Get Report the developer of solid-state lithium batteries for electric vehicles, was initiated hold with a $25 price target, a media report says.

Analyst Rod Lache initiated coverage of the San Jose, Calif., company, according to Barron's. 

QuantumScape shares at last check were 2.2% higher at $27.95 as lithium stocks rose

Last month, the company reported first-quarter results that missed estimates. 

The company reported a net loss of 20 cents a share, compared with a 6-cent loss in the year-earlier quarter. Analysts polled by FactSet expected a loss of 7 cents a share for the latest period.

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"Since going public in November, we have advanced our technology considerably and hit our key technical goals, as demonstrated in the technical performance data we have released," Chief Executive Jagdeep Singh said. 

Separately, shares of KULR Technology Group KULR shares jumped on Thursday after the company received a permit from the U.S. Department of Transportation certifying that its packaging for lithium cells and batteries is safe for air freight.

Prototype lithium batteries can be transported on cargo-carrying aircrafts to, from and within the U.S. only when the Transportation Department approves them.

"KULR's packaging was approved by the US DoT based on its ability to contain potential hazards in the unlikely event that a cell or battery would experience a thermal event," President Keith Cochran said in a statement.

The company's shares recently were trading up 20% at $2.73.