Why Blink Charging Stock Hit A New 52-Week Low Today

Blink Charging Co BLNK shares are trading lower by 3.18% to $3.51 Friday morning. The stock is continuing lower in sympathy with peer EV charging company ChargePoint Holdings Inc CHPT after the company this week reported worse-than-expected second-quarter results.

The EV charging industry is relatively small, and companies within the industry often compete for market share. Investors may view ChargePoint and Blink Charging as competitors or as companies operating in the same industry.

When one major player in the industry reports disappointing earnings, it can negatively affect investor sentiment towards the entire sector. Investors may worry that weaker performance in one company could be indicative of broader challenges or slower growth in the EV charging market.

What Happened?

ChargePoint Holdings disclosed its quarterly financial performance, revealing a net loss of 24 cents per share. This figure fell short of the analyst consensus estimate of a loss of 15 cents.

Additionally, the company reported quarterly sales totaling $150.49 million, which were slightly below the analyst consensus estimate of $153.24 million by 1.79 percent.

This figure indicates a 39% increase in sales when compared to the $108.29 million reported during the same period in the preceding year...Read More

According to data from Benzinga Pro, BLNK has a 52-week high of $24.23 and a 52-week low of $3.48.