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Rechargeable battery maker Blink Charging jumps 50%

While the overall markets seem to be settling down a little in comparison to the volatility seen earlier this month around election day, certain sectors are seeing a surge in activity. Perhaps the best example of this is the electric vehicle (EV) market, with many alternative EV developers seeing their stocks surge over the past couple of weeks. Even companies that are not directly related to electric vehicles have seen substantial gains as investors look to jump onto the next hot stock.

Blink Charging (NASDAQ: BLNK), a relatively small company that focuses on developing rechargeable batteries, is the latest winner of this investor craze. Blink operates around 15,000 electric vehicle charging stations across the country, making it one of the few companies focused on providing these types of charging stations specifically for EV’s. Because of this, investor excitement over EV stocks has translated to Blink, with shares more than skyrocketing on Monday by around 50%.

This is in spite of famous short-sellers calling the stock’s current sky-high valuation a joke. Andrew Left, founder of Citron Research, one of the most followed short-sellers on the market, made numerous remarks about Blink Charging and that it was silly for the stock to be trading as high as it is.

Blink has made no progress expanding downloads or networks in years. A total commodity product with no brand. It is an insult to other EV makers to even mention Blink as an EV stock, lowest form of shareholder base. This is a $1 billion [market cap] joke,” tweeted Citron Research on Monday as Blink continued to soar. “No $$ for R&D, management accused of securities fraud, no real revenues. Expect a massive diluted deal soon so management can continue to deceive [the] public…Total scheme,” Citron added.

It’s not surprising that some people are beginning to think we are in a bubble right now. While the market for EV’s, especially in markets like China, is extremely lucrative, it might not be so lucrative as to justify this extraordinary quick rise. Other EV stocks, such as Aryo (NASDAQ: ARYO), are also up 30% on Monday as well.

Shares of Blink are up around 48.3% on Monday, with the stock rising an additional 10% in after-hours trading. Since the beginning of November, shares of the company have jumped by over 400%, an extraordinarily strong gain for such a short period of time. Time will tell whether or not Blink will succeed or whether the stock will flop as short-sellers are saying. In the meantime, however, short-term investors can make a profit riding this bull trend, while long-term investors should be mindful of the stock being overbought right now.

 

 

Blink Charging Company Profile

Blink Charging Co is an owner, operator, and provider of electric vehicle (EV) charging services. The company offers both residential and commercial EV charging equipment, enabling EV drivers to easily recharge at various location types. Its principal line of products and services are Blink EV charging network (the Blink Network) and EV charging equipment (also known as electric vehicle supply equipment) and EV related services. – Warrior Trading News

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