: QuantumScape stock soars toward 5-month high as EV battery maker looks to bring first product to market ‘as rapidly as possible’

Shares of QuantumScape Corp. QS rallied 12.8% toward a five-month high in afternoon trading Thursday, after the developer of batteries used in electric vehicles reported a second-quarter loss that surprisingly widened, but said it was “working closely with a prospective launch customer” in the automotive market. The stock had rocketed as much as 41.5% soon after the open before pulling back. The company said the goal in working with the automaker is to bring its first product, the QSE-5, to market as “rapidly as possible. ” The reported late-Wednesday a net loss that widened to $113.9 million, or 26 cents a share, from $98.2 million, or 22 cents a share, in the year ago period. The FactSet consensus was for per-share losses to narrow to 20 cents. The company hasn’t reported any sales. “While [QuantumScape] appears to be gaining momentum around its first launch cell, we reiterate our Hold [rating] on what we view as a balanced near-term risk/reward profile,” wrote Truist analyst Jordan Levy in a note to clients. The stock, which was headed for the highest close since Feb. 15, has run up 46.4% over the past three months, while the S&P 500 SPX has advanced 18.3%.

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