RIDE - Why Lordstown Stock Is Sinking but Blink Charging and Hyzon Are Soaring Friday
There's been a lot of investor excitement in the electric vehicle (EV) sector this week with Rivian 's (NASDAQ: RIVN) highly anticipated public debut. It also didn't hurt that the federal infrastructure bill that was just passed by Congress has funds dedicated to helping build out the infrastructure needed to handle the expected EV adoption rate. But the businesses themselves still need to perform, and that helps explain why quarterly financial reports drove shares of Lordstown Motors (NASDAQ: RIDE) lower Friday, while Blink Charging (NASDAQ: BLNK) and Hyzon Motors (NASDAQ: HYZN) shares soared. As of 11:50 a.m. EST, shares of those three EV names had moved as follows:
Image source: Blink Charging.
Blink Charging exceeded estimates for its third quarter, with record revenue that soared more than 600% above the year-ago period. It should be noted that most of the $6.7 million in revenue came from product sales, rather than recurring service revenue. Product sales are currently what the company is focusing on to build out its network. Blink's chairman and CEO Michael D. Farkas said in a statement, "we made great strides increasing our network of property partners, winning exclusive, multi-year agreements that we anticipate will result in additional charging station deployments and revenue generation."
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Why Lordstown Stock Is Sinking, but Blink Charging and Hyzon Are Soaring Friday