The rise of electric vehicles over the past few years has proven strong even with a global pandemic. Companies have sprouted up over the past year to take advantage of the trend.
Any company that can offer a significant innovation is capable of grabbing a big market share for itself. But it also has to be able to scale up that technology to commercially-viable levels.
One promising company is QuantumScape (QS). A recently-public company, they’re working on a new solid-state battery. The company reported poor earnings, but gave some key technical updates. So far, the market is a bit skeptical about the company’s prospects for making its new battery design commercially viable.
- Free Report: 3 Cryptos to Beat Bitcoin
The Coinbase IPO was one of the biggest technology IPOs in history. Experts believe it could kick-start a massive wave of cryptocurrency investing…
Certain tokens could see their value shoot through the roof!
Now one of America’s top crypto analysts just named 3 tokens he believes folks should own in the wake of the Coinbase IPO.
Shares have gone from a high of $130 on the initial breakthrough news to under $30 today. Even with that drop, shares are still up from their IPO. And the company has nearly $1 billion in cash on its balance sheet with nearly no debt and a number of high-level partnerships in the auto industry.
Action to take: Shares are likely worth far more than what they’re trading for today, akin to buying Tesla Motors shares in 2017 or 2018 before its big rally, but when many were still skeptical over its technology. They’re worth buying under $30, with the caveat that the current selloff may not quite be done yet.
Given the current downtrend in shares since February, it may be too soon to bet on a higher price anytime soon with a call option. Traders should look for a definitive reversal before looking to go long shares, and bet on a rebound higher.
Disclosure: The author of this article has a position in the stock mentioned here, but may make a trade on this company after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.