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- 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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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.
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