Shares in Quantumscape (NYSE:QS) may have been hit hard by the 2022 stock market downturn, but so far in 2023, QS stock has been on a tear, soaring more than 33.5% since the first trading day of the year.
So, is this the start of a comeback for this electric vehicle battery technology play? Not so fast. More likely than not, the QS rally is a temporary spike, caused by factors not directly related to the prospects of the company’s underlying business.
In the near term, many factors could shift sentiment back to negative, pushing the stock to new lows. Instead of chasing it, the best move is to stay on the sidelines.
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