Why Blink Stock Surged on Wednesday?

Blink Charging Co. BLNK shares traded higher Wednesday after the company reported better-than-expected second-quarter financial results.

What To Know: On Tuesday, Blink posted its second-quarter earnings. The company reported quarterly losses of 44 cents per share which beat the analyst consensus estimate of losses of 49 cents per share, a 7.32% decrease over losses of 41 cents per share from the same period last year. 

It reported quarterly sales of $32.84 million, which beat the analyst consensus estimate of $23.76 million, a 185.93% increase over sales of $11.49 million in the same period last year.

The company also raised its 2023 revenue target to between $110 and $120 million, versus analyst consensus of $105.50 million.

On Wednesday, HC Wainwright & Co. analyst Sameer Joshi reiterated Blink Charging with a Buy and maintained the $50 price target.

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BLNK Price Action: Shares of BLNK closed higher 11.0% at $6.86 at the time of publication, according to Benzinga Pro.

Image by andreas160578 from Pixabay