Here's Why QuantumScape Stock Is a Buy Before April 23
The maker of solid-state batteries could be a contrarian play at these levels.
QuantumScape (NYSE: QS) initially attracted a stampede of bulls when it went public by merging with a special purpose acquisition company (SPAC) on Nov. 27, 2020. The solid state battery maker's stock opened at $24.80 and surged to a record high of $131.67 less than a month later. At the time, it claimed it could commercialize its first batteries by 2024, and that its revenue would reach $14 million in 2024, $39 million in 2025, and $275 million in 2026.
But like many other SPAC-backed start-ups, QuantumScape missed its lofty goals by a mile. It still hasn't commercialized any of its batteries yet, and it doesn't expect to achieve that goal until 2026. As a result, it isn't generating any revenue as it racks up steep losses.
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