Switchback Energy Acquisition Corp. (NYSE: SBE) Surges Alongside EV Momentum; Is It A Buy Right Now?


Switchback Energy Corp. (NYSE: SBE) sees outstanding surge in its valuations following the EV momentum (Electric vehicle) that hit the stock market. The electric vehicle charge network’s stocks have been skyrocketing at an almost dizzying pace. Investors are speculative now more than ever, when is this going to power down?

The company was previously known as ChargePoint which was founded in 2007. It publicly announced its merger with a SPAC (Special Purpose Acquisition Company) later. Currently, SBE is one of the largest networks of electric vehicles charging stations spanning across 14 countries.

Investors To “Hold” Or “Sell” SBE Stocks; Prudent Investors To Wait For Next Pullback To Buy

The company is growing at a rapid pace with extraordinary 5-year targets. Switchback Energy plans on adding 2.5million EV charging stations by the end of 2025. And keeping to this plan, they are presently working on a target of 2000 EV charging stations per month.

Investors who are planning on dipping their feet in the EV playing field, Switchback Energy might be the best choice. The hype around EV-based industries currently has made it difficult to sift through the hyped stocks and the real deal. However, analysts also state that these high surges are supposed to power down at some point. Prudent investors in the field can hold SBE stock for the moment or sell it owing to high valuations currently. If you are looking to buy this stock right now then it is advisable to wait for the next pullback to get opportunistic valuation of the company.

Switchback Energy network is known to work with Tesla, Inc., an Electric vehicle manufacturing company and also works with batteries and home-charging kits under its original brand ChargePoint. SBE distributes cloud-based commercial plans and its home-charging kits to various stations across countries. The company is almost the No. 1 charging network currently and according to CEO Scott McNeill, Switchback Energy will reach $190 billion by the end of 2020 and has room for more improvement.