What happened
Shares of Blink Charging (BLNK -0.85%) jumped as much as 15.6% in trading Wednesday as renewable energy stocks jumped across the board. But unlike some of the industry, shares fell back to earth and are down 0.4% as of 2:50 p.m. EDT.
So what
Renewable energy stocks are up today, with some climbing double digits. Part of that is a response to the market rising and renewable energy stocks being more volatile, which exaggerates the market's move. But another factor could be that renewable energy got a powerful shout out in the Presidential debate last night, particularly from Joe Biden, who is leading in the polls. Public policy is critically important for renewable energy, and if someone more friendly to the industry is in the White House it could be a big win for the industry.
Image source: Getty Images.
Electric vehicle charging was specifically mentioned as well, which was notable. It's not exactly clear how charging would be helped by a Biden win, but the fact that it's on his mind was enough to get a pop this morning. And then the reality sunk in that the mention was all that happened and no policy changes are coming down the pipeline, causing shares to sink again.
Now what
The bottom line is that there's no reason to change your investment thesis in Blink Charging today, whether you were bullish or bearish on the stock. The company is still losing money as it builds out a charging network and needs millions of more electric vehicles on the road to reach scale. That may be possible, but investors will want to take a long-term view of this stock and not get too worried about swings in shares or which way the political winds are blowing.
