ChargePoint, Blink Charging Shares Are Moving Higher: What's Driving The Action?

Shares of EV charging network companies ChargePoint Holdings Inc CHPT and Blink Charging Co BLNK are trading higher Wednesday after UBS initiated coverage on the stocks.

What Happened: UBS analyst Robert Jamieson initiated coverage on ChargePoint with a Buy rating and announced a price target of $9. The UBS analyst also initiated coverage on Blink with a Buy rating and set a price target of $7. 

Several analysts adjusted ratings and price targets on ChargePoint this month following the company's quarterly results. Recent price targets range from $7 to $17. 18 firms have positive ratings on Chargepoint and four have neutral ratings, according to Benzinga data. 

Blink is not as widely covered as ChargePoint. Benzinga's compiled analyst data shows five firms have positive ratings on Blink and five have neutral ratings.

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CHPT, BLNK Price Action: At the time of publication, ChargePoint shares were up 4.33% at $5.05 and Blink shares were up 6.47% at $3.12, per Benzinga Pro.

Photo: Noya Fields from Flickr.