Blink Charging's roughly 200% surge in recent weeks has made it a '$1 billion joke,' says famed short-seller Andrew Left
Blink Charginghas soared nearly 200% in November as investor enthusiasm surrounding electric vehicle related stocks hits a fever pitch.
- Investors are betting that Blink will benefit from an increase in adoption of
electric vehiclesas it build out its charging network. Andrew Leftof Citron Researchisn't buying the hype, as the famed short-seller tweeted on Monday thank Blink Charging "is a $1 billion joke."
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That euphoria has spilled over to the electric vehicle charging space, with shares of Blink Charging surging nearly 200% in November as of Friday's close. Shares of Blink are up 1,118% year-to-date.Blink Charging operates a network of nearly 15,000 electric vehicle charging stations as of December 31, according to the company.
Blink Charging surged as much as 44% in Monday trades, reaching an intra-day market valuation of $1.05 billion.Left said Blink Charging is "a total scheme" and expects the company to trade back down to $10 on a dilutive share offering. A move to $10 would represent potential downside of 56% from Friday's close. "It is an insult to other EV makers to even mention Blink Charging as an EV stock," Left said.
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