What's Going On With Blink Charging Co Stock?

Blink Charging Co. BLNK shares are trading higher Friday after the company reported better-than-expected third-quarter financial results on Thursday.

The Details:

Blink Charging reported quarterly losses of 16 cents per share, beating the analyst consensus estimate of losses of 41 cents by 66% and quarterly revenue of $43.337 million, beating the consensus estimate of $30.388 million by 42.74% and representing a 152% increase year-over-year.

Blink Charging also raised its full year 2023 revenue target to between $128 million and $133 million compared to the $116.63 million estimate.

Brendan Jones, CEO of Blink stated, "We delivered our second consecutive quarter of record-breaking performance with third quarter revenue of $43.4 million, demonstrating growth of more than 150% as compared to the third quarter of 2022, and enhanced gross margin of 29.5%."

"Notably, in the first nine months of 2023, Blink has generated $98 million in revenue, putting the Company significantly ahead of our full year 2022 revenue of $61.1 million, with another quarter of 2023 revenue still to be recorded."

Shares of BLNK are climbing on heavy trading volume as investors digest the earnings report. According to data from Benzinga Pro, more than 13 million shares have already been traded in the session, compared to the stock's 100-day average of 2.183 million shares.

Blink Charging has attracted the attention of both retail investors and short-sellers. BLNK is one of the top trending tickers on Yahoo Finance, and 31.67% of shares are being sold short, according to data from Benzinga Pro.

Related News: Why Plug Power Inc Shares Are Plunging

BLNK Price Action: According to Benzinga Pro, shares are up 31.7% at $3.24 at the time of publication.

Image: Sabine Kroschel from Pixabay