Shares of QuantumScape (NYSE:QS) stock are rallying higher today by 10%, although the reason behind the surge isn’t exactly clear. According to The Motley Fool, the reason could be due to an update from competitor Freyr Battery (NYSE:FREY). The company announced this morning that it had made progress on its SemiSolid technology platform.
QuantumScape itself strives to offer solid-state batteries (SSBs) to the market in the upcoming years. The company has placed an emphasis on its first planned commercial product, the QSE-5 battery, and is already “collaborating closely with a prospective launch customer in the automotive sector for QSE-5.” An exact launch date for the battery is still unknown.
In addition, QuantumScape plans on launching Raptor, a fast separator heat treatment process, by the end of the year. In its recent earnings, the company stated that it had enough cash on hand to sustain operations until 2026.
Meanwhile, QS stock carried a high short interest as a percentage of float of 16.7% as of Nov. 15. That’s equivalent to 53.82 million shares sold short with a value of $336.38 million. Short sellers selling out of their position by buying QS stock could also be a reason for QuantumScape’s incline today.
5 Investors Betting Big on QS Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the third quarter, 339 13F filers disclosed a stake in QS stock, an increase of 20 filers from the prior quarter. In total, these filers own 140.54 million shares, up by 15.24%, or 121.96 million shares, compared to Q2. That is certainly a bullish signal.
Among hedge funds, which are included in the 13F filer data, ownership increased by a significant 35.29% to 38.23 million shares. 75 hedge funds now own a stake in the SSB company, up from 61 hedge funds.
With that in mind, let’s take a look at QuantumScape’s five largest shareholders:
- Vanguard: 29.03 million shares. Vanguard acquired 5.48 million shares during Q3.
- Khosla Ventures (NASDAQ:KVSA): 24.82 million shares. Khosla’s stake is accurate as of Q4 of 2022.
- Capricorn Investment Group: 14.79 million shares. Capricorn’s stake remained unchanged during Q3.
- BlackRock (NYSE:BLK): 13.92 million shares. BlackRock acquired 894,076 shares during Q3.
- BNP Paribas Asset Management: 6.58 million shares. BNP sold off 266,921 shares during Q3.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
