What happened

Shares of Switchback Energy Acquisition (NYSE:SBE) were trading sharply higher again on Tuesday afternoon. The special-purpose acquisition company, which plans to merge with electric-vehicle charging network ChargePoint, appeared to be benefiting from strong investor interest after a prominent short-seller attacked a ChargePoint rival. 

As of 2 p.m. EST, Switchback's shares were up about 9.2% from Monday's closing price, and up about 42% since the end of last week.

So what

In a series of tweets, Citron Research, a widely followed short-selling firm, hit ChargePoint rival Blink Charging (NASDAQ:BLNK) with a scathing critique during the trading day on Monday. 

Calling it a "total scheme," Citron said that Blink has no real revenue, has no money for research and development, and "should trade right back to $10." 

Not surprisingly, Blink's stock was down on Tuesday morning. As for Switchback, Citron's two follow-up tweets help explain why it's having a much better day. 

Long story short, it seems reasonable to conclude that quite a few investors are selling Blink's shares and buying Switchback's. 

A row of three ChargePoint electric-vehicle chargers, with the company's characteristic orange branding.

Image source: ChargePoint.

Now what

For auto investors who believe that a transition to electric vehicles is inevitable (I do), recharging networks are compelling investments. ChargePoint, with its leading position in the U.S. and a growing presence in Europe, seems like a no-brainer to grow nicely along with EV adoption over the next several years.

If you liked Blink Charging, but are now having second thoughts, Switchback seems worth a close look -- and it seems that many investors are thinking along the same lines today.