Blink Charging Co. (NASDAQ:BLNK) Sees Large Increase in Short Interest

Key Points

• Short interest rose 34.0% in March to 18,730,049 shares (about 13.3% of the stock), yielding a days-to-cover ratio of roughly 5.7 days based on average daily volume.
• Analysts' consensus is a Hold with a $1.95 average price target (1 Buy, 5 Hold, 1 Sell), while shares trade near $0.65 with a market cap of about $93.7M and a 52-week range of $0.45–$2.65.

Blink Charging Co. (NASDAQ:BLNK - Get Free Report) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totaling 18,730,049 shares, a growth of 34.0% from the March 15th total of 13,980,217 shares. Currently, 13.3% of the company's stock are short sold. Based on an average daily volume of 3,269,535 shares, the days-to-cover ratio is currently 5.7 days.

Analyst Upgrades and Downgrades

BLNK has been the topic of several analyst reports. Wall Street Zen cut shares of Blink Charging from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Blink Charging in a research note on Friday, January 9th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $1.95.

Blink Charging Stock Up 6.5%

Shares of Blink Charging stock opened at $0.65 on Wednesday. The firm has a market capitalization of $93.65 million, a P/E ratio of -0.83 and a beta of 1.83. The firm's 50 day moving average is $0.63 and its two-hundred day moving average is $1.05. Blink Charging has a 52 week low of $0.45 and a 52 week high of $2.65.

Hedge Funds Weigh In On Blink Charging

Hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP grew its position in shares of Blink Charging by 58.8% during the second quarter. Engineers Gate Manager LP now owns 29,312 shares of the company's stock worth $28,000 after acquiring an additional 10,851 shares during the last quarter. State of Wyoming purchased a new position in Blink Charging in the 4th quarter valued at $29,000. J. Derek Lewis & Associates Inc. purchased a new position in Blink Charging in the 4th quarter valued at $30,000. R Squared Ltd purchased a new position in Blink Charging in the 3rd quarter valued at $31,000. Finally, Squarepoint Ops LLC purchased a new position in Blink Charging in the 3rd quarter valued at $33,000. 44.64% of the stock is currently owned by hedge funds and other institutional investors.

Blink Charging Company Profile

Blink Charging Co is a provider of electric vehicle (EV) charging solutions, offering a nationwide network of charging stations and related software services. The company designs, develops and markets Level 2 AC and DC fast charging equipment, as well as a cloud-based management platform that enables real-time monitoring, analytics and payment processing. Its integrated approach addresses the needs of commercial, residential and fleet customers looking to deploy EV infrastructure.

Blink's product portfolio includes a suite of charging stations suitable for parking garages, retail locations, hospitality venues and multiunit dwellings.

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