Blink Charging's roughly 200% surge in recent weeks has made it a '$1 billion joke,' says famed short-seller Andrew Left
- Blink Charging has 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 vehicles as it build out its charging network.
- Andrew Left of Citron Research isn't buying the hype, as the famed short-seller tweeted on Monday thank Blink Charging "is a $1 billion joke."
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Electric vehicle stocks have been all the rage in 2020, as investors bet that the success of Tesla can be replicated by startup companies like Fisker, Nikola, and Nio, among others.
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.
One investor not buying into the hype is famed short-seller Andrew Left of Citron Research.
Left tweeted on Monday that Blink is "a $1 billion joke". The company, he says, has no brand, a commoditized product, and has made little progress in expanding its network over the years.
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.
