Bets against electric vehicle charging stocks EVgo and Blink Charging are piling up. FactSet data showed that, as of Oct. 31, short interest as a percentage of float on EVgo and Blink has risen to 32% and 28%, respectively. Short interest as a percentage of float refers to the amount of shares available for trading that are being bet against. EVgo and Blink have struggled this year, with the former losing 25% in 2022 while the latter has shed 46%.
The company also said it sees a larger-than-forecast adjusted EBITDA loss for 2022. Meanwhile, Blink Charging reported top and bottom line numbers that marginally beat StreetAccount estimates. However, both stocks popped Friday. Shares of EVgo traded about 2% higher, while Blink advanced 4%. Those gains could be indicative of traders covering short positions, one of the catalysts cited by some market participants for Thursday's broad rally.
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