Blink Charging Co (BLNK – Research Report), the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Sameer Joshi from H.C. Wainwright remains neutral on the stock and has a $25.00 price target.
Sameer Joshi’s Buy rating for Blink Charging Co. is based on a number of key indicators of the company’s strong performance and potential. Firstly, Blink saw a significant year-on-year revenue increase in the third quarter of 2023, largely driven by a 163% rise in product sales and a 207% surge in charging revenues. A growing installed base and increased use at owned charging stations have contributed to this growth.
Furthermore, management’s upward revision of the 2023 revenue guidance from $110-120M to $128-133M, and its projection to achieve a break-even adjusted EBITDA run-rate by December 2024, reflect confidence in the company’s trajectory. This optimism is likely informed by the anticipated surge in EV adoption and infrastructure investment in the coming quarters. Vertical integration and in-house manufacturing, which have enhanced margins and production control, give Blink a significant competitive edge. The company’s focus on cost management and process optimization, evidenced by a drop in compensation expenses, also bodes well. Finally, the integration of Blink’s international networks should lead to cost synergies and facilitate feature updates, further strengthening the company’s position.
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Blink Charging Co (BLNK) Company Description:
Blink Charging Co. owns, operates, and provides electric vehicle, charging equipment, and networked EV charging services. Its products and services include Blink EV charging network, charging equipment, also known as electric vehicle supply equipment, and EV charging services. The company was founded by Michael D. Farkas and Eric Greenberg on October 3, 2006 and is headquartered in Hollywood, FL.
Read More on BLNK:
- BLINK CHARGING ANNOUNCES RECORD THIRD QUARTER WITH 152% REVENUE GROWTH TO $43.4 MILLION AND 167% INCREASE IN GROSS PROFIT
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- Largest borrow rate increases among liquid names
- Blink Charging price target lowered to $3 from $10 at Barclays
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