Shares of electric vehicle charging company Blink Charging (BLNK Quick QuoteBLNK - Free Report) surged 30% in Monday trading continuing last week’s sharp moves higher. BLNK closed the day up 48%. Today, however, shares are falling 13% in morning trading.

Shares soared over 133% and BLNK was the Nasdaq’s best performer. Last Friday marked BLNK’s fifth straight day of gains, up as much as 23.8%.

There’s no specific news driving the stock, but this recent momentum can likely be attributed to growing interest in BLNK and EV stocks. Three of the Nasdaq’s top four performers last week were EV stocks. Oregon-based EV maker Acrimoto spiked 125.3%, and Texas-based Ayro , which designs customizable EV fleets, shot up 102.8%.

BLNK CEO Michael Farkas recently talked about the company’s long-term strategy. He believes that the EV sector will benefit from travel returning to normal levels, especially with higher demand in commercial and multi-unit housing, and a Biden administration could provide tailwinds like incentives for EV charging.

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