10 Most Popular EV Stocks Among Famous Hedge Funds

8. QuantumScape Corporation (NYSE:QS)

Number of Hedge Fund Holders: 25

QuantumScape Corporation (NYSE:QS), a California-based manufacturer of solid state lithium batteries to be used in electric cars, is one of the most popular EV stocks among famous hedge funds. QuantumScape Corporation (NYSE:QS)’s solid state batteries are positioned to play a significant role in the shift to electric vehicles, according to analysts and market researchers. 

QuantumScape Corporation (NYSE:QS) reported its Q3 results on October 26, with EPS in the period amounting to -$0.13, missing estimates by -$0.03. QuantumScape Corporation (NYSE:QS) met its targeted product milestones for 2021, after which JPMorgan analyst Jose Asumendi on November 18 lifted the price target on QuantumScape Corporation (NYSE:QS) shares to $40 from $35 and kept a Neutral rating on the stock. The analyst also reduced his execution discount on the shares from 25% to 17.5%.

Jonathan Soros’ JS Capital is the leading stakeholder of QuantumScape Corporation (NYSE:QS) from Q3 2021, with 2.29 million shares worth $56.3 million. Overall, 25 hedge funds in the third quarter database of Insider Monkey were bullish on QuantumScape Corporation (NYSE:QS), holding total stakes amounting to $197.4 million. 

In addition to famous EV names like Plug Power Inc. (NASDAQ:PLUG), Tesla, Inc. (NASDAQ:TSLA) and General Motors Company (NYSE:GM), QuantumScape remained a popular EV stock in 2021.

Here is what Baron Opportunity Fund has to say about QuantumScape Corporation (NYSE:QS) in its Q4 2020 letter: 

“QuantumScape Corporation is developing solid-state battery technology for electric vehicles designed to improve key aspects of the battery, including safety, charging times, energy density, and cost. We believe the company’s existing material development and manufacturing techniques can help overcome solid state technological and commercialization hurdles. During the quarter, we participated in the merger between QuantumScape and SPAC Kensington Capital. Shares have since appreciated, driven by investor excitement for the growth opportunities the company may capture with its innovative battery technology.”