The company's Cobra separator will assist in battery efficiency and energy
Electric vehicle (EV) battery producer QuantumScape Corp (NYSE:QS) is surging, up 43.5% to trade at $6.15, after revealing a successful integration of Cobra, an advanced separator for its baseline cell process. The progression will assist in battery energy efficiency.
QuantumScape stock is on track for its best daily performance since January 2024 and is trading at a more than five-month high. Year-to-date, the equity is up 25%.
There remains plenty of room for bull notes, with seven of the eight analysts in coverage sporting "hold" or "strong sell" ratings. The 12-month consensus price target also comes in at $4.90, a discount to current levels.
Short interest has been climbing, up 7.7% in the most recent reporting period, and now accounts for a whopping 16% of the stock's available float. It would take shorts more than six days to buy back their bearish bets.
Options traders are targeting QS after the news. In the options pits, 135,000 calls and 25,000 puts have been traded so far, which is 25 times the average daily trading volume. Most popular are the weekly 7/3 7-strike call and the weekly 6/27 6-strike call, with new positions being opened at both.