5 Best EV Battery Stocks To Invest In

3. QuantumScape Corporation (NYSE:QS)

Number of Hedge Fund Holders: 25

QuantumScape Corporation (NYSE:QS) is an electric vehicle firm based in California that creates solid-state lithium-metal batteries which extend the range of electric vehicles and make them recharge faster. QuantumScape Corporation (NYSE:QS) is a Volkswagen AG-backed EV startup that went public in 2020. 

As the company ended the third quarter with $1.5 billion in liquidity, the QuantumScape Corporation (NYSE:QS) is gaining attention from retail and institutional investors recently. At the end of the September quarter, 25 out of 867 hedge funds tracked by Insider Monkey had stakes in the EV battery company. The total value of these stakes is $197 million. The largest shareholder of QuantumScape Corporation (NYSE:QS) is New York-based investment firm JS Capital, which owns 2.29 million shares worth $56.3 million.

Cowen analyst Gabe Daoud maintained an Outperform rating on QuantumScape Corporation (NYSE:QS) with a price target of $36 on December 8.

During its third-quarter earnings report, the California-based company announced that it had reached an agreement with one of the top ten global automotive OEMs to purchase QuantumScape Corporation’s (NYSE:QS) 10 megawatt-hours of batteries.

QuantumScape Corporation (NYSE:QS) plans to supply prototype battery samples to electric vehicle manufacturers in 2022, test car batteries in 2023, and begin commercial solid-state battery cells production in 2024.