Why Blink Stock Surged on Wednesday?

Blink Charging Co. BLNK shares traded higher Wednesday after the company reported better-than-expected second-quarter financial results.

What To Know: On Tuesday, Blink posted its second-quarter earnings. The company reported quarterly losses of 44 cents per share which beat the analyst consensus estimate of losses of 49 cents per share, a 7.32% decrease over losses of 41 cents per share from the same period last year. 

It reported quarterly sales of $32.84 million, which beat the analyst consensus estimate of $23.76 million, a 185.93% increase over sales of $11.49 million in the same period last year.

The company also raised its 2023 revenue target to between $110 and $120 million, versus analyst consensus of $105.50 million.

On Wednesday, HC Wainwright & Co. analyst Sameer Joshi reiterated Blink Charging with a Buy and maintained the $50 price target.

Related Link: What's Going On With United Airlines?

BLNK Price Action: Shares of BLNK closed higher 11.0% at $6.86 at the time of publication, according to Benzinga Pro.

Image by andreas160578 from Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: NewsSmall CapMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!