Blink Charging (NASDAQ:BLNK) Trading Down 4.8% - Here's What Happened

Key Points

• Blink Charging shares fell 4.8% on Monday, trading as low as $0.5354 and closing around $0.5428 on lighter-than-normal volume.
• Analyst sentiment remains cautious: one firm upgraded the stock to Hold, another reaffirmed a Sell rating, and the overall consensus is still Hold with a $3.00 price target.
• The company’s latest quarterly results showed a smaller-than-expected loss of $0.06 per share, but revenue of $20.78 million still missed estimates, while profitability metrics remained weak.

Blink Charging Co. (NASDAQ:BLNK - Get Free Report)'s stock price traded down 4.8% during trading on Monday . The stock traded as low as $0.5354 and last traded at $0.5428. Approximately 1,491,472 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 2,042,199 shares. The stock had previously closed at $0.57.

Analysts Set New Price Targets

A number of research firms recently weighed in on BLNK. Wall Street Zen upgraded shares of Blink Charging from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Blink Charging in a report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $3.00.

Blink Charging Stock Performance

The firm has a market cap of $77.99 million, a PE ratio of -0.81 and a beta of 2.03. The company's 50-day simple moving average is $0.72 and its two-hundred day simple moving average is $0.71.

Blink Charging (NASDAQ:BLNK - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Blink Charging had a negative net margin of 73.75% and a negative return on equity of 83.40%. The company had revenue of $20.78 million for the quarter, compared to analysts' expectations of $21.70 million. On average, analysts expect that Blink Charging Co. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Blink Charging

Hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP increased its position in shares of Blink Charging by 58.8% during the 2nd quarter. Engineers Gate Manager LP now owns 29,312 shares of the company's stock valued at $28,000 after purchasing an additional 10,851 shares during the last quarter. State of Wyoming bought a new stake in shares of Blink Charging in the 4th quarter valued at about $29,000. J. Derek Lewis & Associates Inc. purchased a new position in Blink Charging during the 4th quarter worth $30,000. Squarepoint Ops LLC acquired a new position in Blink Charging during the 3rd quarter valued at approximately $33,000. Finally, Kestra Advisory Services LLC raised its stake in shares of Blink Charging by 60.5% in the fourth quarter. Kestra Advisory Services LLC now owns 50,248 shares of the company's stock worth $34,000 after purchasing an additional 18,950 shares during the last quarter. Hedge funds and other institutional investors own 44.64% of the company's stock.

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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