Shares of Blink Charging (NASDAQ:BLNK) continued their march higher today, jumping as much as 19.6% in early trading. Shares were up 15% at 2:20 p.m. EST, holding strong gains on the day.
Yesterday, Blink Charging's shares soared on news of a new cable management solution and, of course, positive vaccine data from Moderna. The vaccine news may not seem to be all that relevant to a charging company, but it's not surprising shares of this highly volatile growth stock were up big with the market.
There may be some residual excitement about a vaccine allowing people to get back to normal travel patterns, which will help Blink Charging, especially in its corporate business. But there may also be some tailwind from competitor ChargePoint announcing that it's being added to Apple CarPlay, which Blink Charging already supports. As the charging network grows, it's good for everyone involved because it grows the charging ecosystem.
None of this news by itself is moving Blink Charging's stock, but together these headlines create a positive sentiment for traders. But these are the same trends that are behind the stock's long-term potential. I like the potential expansion of charging at work if businesses open offices again, and CarPlay could be beneficial as well. But I don't see a big reason to change your investment thesis today, whether you're bullish or bearish on the stock.