What happened

Shares of electric vehicle charging company Blink Charging (BLNK -6.22%) slumped 16.1% in July, according to data provided by S&P Global Market Intelligence.

It was a busy month for Blink Charging as it won some contracts, indicating rising demand and need for EV charging infrastructure, and if not for the initial profit taking, the stock would've ended July on a positive note. Here's what happened.

So what

July was a choppy month for Blink Charging -- the stock jumped 13.5% in the second half of the month after falling double-digits in the first half as investors took some profits off the table after the stock's rally in June.

For growth, Blink Charging is banking heavily on President Joe Biden's infrastructure bill that proposes to pump millions of dollars into the EV market. So when the bill seemingly seemed one step closer to turning into law in July, renewable energy stocks across the board jumped higher. That included Blink Charging.

A person charging an electric car at a charging station.

Image source: Getty Images.

Another big factor that drove several clean energy and EV stocks higher later in July was a recovery in oil prices after their fall earlier in the month. The recovery allayed investors' fears about a precipitous decline in oil prices that could erode the competitiveness and slow down adoption of alternative-fuel transportation.

And while its stock swayed, the company continued to expand its charging network. In July, Blink Charging won grants to deploy fast chargers at 25 sites in Florida, and its wholly owned European subsidiary, Blue Corner, won a multi-year contract to install up to 500 EV charging stations across Belgium.

Now what

As one of the several companies jostling for space in the competitive EV-charging space, Blink Charging shares are bound to be volatile. The stock is holding up firm this month so far though as all eyes are on its upcoming second-quarter earnings report on Aug. 11.

Consensus estimates are calling for 55% growth in its Q2 sales and a loss of $0.16 per share. Although that's a slower top-line growth rate versus the 72% year-over-year increase in its first-quarter sales, Blink Charging shares are speculative and could jump if the company beats Wall Street estimates. For investors, though, what should matter is whether the company reports higher revenue from charging services and a smaller loss. Keep an eye out.