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%. Both are down sharply from their 52-week highs, with EVgo down more than 60% and Blink off by about 70%. Earlier this month, EVgo posted weaker-than-expected results for the third quarter. 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. That move culminated with the biggest one-day gain for the major averages since 2020. Other stocks with high levels of short interest include EV maker Nikola , Carvana and bitcoin proxy MicroStrategy . (Note: The table includes stocks traded on the NASDAQ or NYSE exchanges with short interest greater than 25% of their total float and at least $100 million in market cap. Short interest data is updated twice a month and reported mid-month and at the end of the month. These figures are current as of Oct. 31as reported by the exchanges, via FactSet. The next release date is Nov. 25 for short interest data as of Nov. 15).
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