BLNK - Why Blink Charging Stock Jumped Nearly 30% This Week
2024-02-16 10:21:02 ET
Shares of Blink Charging (NASDAQ: BLNK) skyrocketed this week, surging 29.7% at their highest point in trading through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence . That's a jaw-dropping one-week rally for a stock that lost 69% value in 2023.
Turns out, the electric vehicle (EV) charging equipment company is all set to report record-breaking revenues for its fourth-quarter and full-year 2023. And investors aren't leaving any chances to bet on the languishing stock ahead of earnings.
Blink Charging's revenue has grown at a blistering pace in recent quarters. In its third quarter, the company reported 152% growth in revenue and 167% growth in gross profit, both year over year. A record quarter even encouraged Blink Charging to raise its full-year 2023 revenue guidance up to $128 million to $133 million from $110 million to $120 million.
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Why Blink Charging Stock Jumped Nearly 30% This Week