QuantumScape Tumbles 10.12% on $460M Volume Ranks 228th in Dollar Volume Amid Sector Scrutiny

On September 9, 2025, QuantumScape (QS) closed at a 10.12% decline, with a trading volume of $460 million, representing a 54.08% drop from the previous day. The stock ranked 228th in dollar volume among listed equities, reflecting heightened market sensitivity to sector-specific dynamics.

Recent developments suggest mixed investor sentiment toward the solid-state battery developer. A key catalyst remains the company's progress in commercializing its proprietary cell technology, with production timelines under scrutiny by analysts. While no new partnerships or regulatory updates were disclosed, persistent volatility highlights market uncertainty surrounding long-term execution risks.

Technical indicators show elevated short-term pressure, with the stock failing to hold above critical support levels established in early 2025. Analyst commentary has shifted toward caution, emphasizing the need for concrete production milestones to validate projected revenue targets. This aligns with broader sector trends where clean energy innovators face intensified valuation pressures amid macroeconomic headwinds.

To run this back-test robustly I need to pin down a few practical details first: 1. Stock universe • Are we looking at all primary-listed U.S. common stocks (≈4,000 names) or a specific universe (e.g., S&P 1500, Russell 3000, etc.)? 2. Volume definition • Rank by Dollar Volume (Close × Shares-Traded) or by Share Volume? 3. Trade execution convention • Buy at today’s Close and exit at tomorrow’s Close (close-to-close), • or Buy at tomorrow’s Open and exit at tomorrow’s Close (open-to-close)? 4. Transaction costs / slippage • Should we include an estimated cost per trade or assume frictionless trading? With those four items confirmed I can generate the data-retrieval plan and run the back-test from 2022-01-03 (first trading day of 2022) through the present.