Why EV Stock Blink Charging Plummeted on Tuesday
Trust the stock markets to react the way you least expect. How else can investors in Blink Charging (NASDAQ: BLNK) explain the sharp drop in the electric vehicle (EV) charging stock the day the company appoints an executive to help expand its business? Blink Charging shares were down 8.6% as of 1:45 p.m. EST Tuesday but had dropped nearly 11.7% earlier in the day.
It appears traders bought the hype last week and are now selling the news.
Blink Charging was among the top performers in the EV space last week, after Congress passed President Biden's $1.2 trillion infrastructure bill. Among other things, the bill seeks to spend $7.5 billion on building an EV charging network of 500,000 chargers in the United States. Blink Charging was also quick to release a statement applauding the infrastructure bill.
Source Fool.com
