EVGO - Blink Charging inks deal with AAA to become a preferred supplier; investors still dumping shares
2023-07-06 12:06:50 ET
Blink Charging ( NASDAQ: BLNK ) signed an agreement with AAA to become a preferred supplier for affiliated service providers. The news wasn't enough to lift shares that have been sagging as automakers move to Tesla's ( TSLA ) charging standard.
Shares of the electric vehicle charging company fell about 5.5% in late morning trading, and are down more than 45% year-to-date.
AAA and Blink already have a relationship and the charging company has installed on-site chargers at numerous branch offices, repair facilities and auto repair shops. Initially, the program will benefit 19 AAA clubs and affiliates at over 60,000 locations across the U.S.
Since late May, Ford ( F ), General Motors ( GM ) and Rivian ( RIVN ) have announced deals to use Tesla's ( TSLA ) supercharger network in a blow to Blink ( BLNK ) and peers like EVgo ( EVGO ) and ChargePoint Holdings ( CHPT ).
Both Seeking Alpha and Wall Street analysts have an average Hold rating on BLNK. Of the Wall Street analysts, seven say Hold, two say Buy and one says Strong Buy. Of the Seeking Alpha analysts, one says Sell, two say Hold and one says Strong Buy.
More on electric vehicle charging stocks:
- Electric vehicle charging stocks fall with more automakers moving to Tesla charging standard
- ChargePoint: The Problems Are Getting Bigger
- Blink Charging: A Short Squeeze Is Possibly One Charge Away
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Blink Charging inks deal with AAA to become a preferred supplier; investors still dumping shares