Blink Charging Co BLNK shares are trading lower by 10.5% to $3.79 Friday afternoon. Blink Charging stock is possibly falling in sympathy with peer EV charging company ChargePoint Holdings Inc CHPT after the company reported preliminary third-quarter results and announced a new CEO.
What Happened With ChargePoint?
ChargePoint's early financial report for the third quarter of fiscal year 2024 indicates lower-than-expected revenue, attributed to market pressures, delivery delays, and economic conditions impacting their key markets in North America and Europe.
They anticipate revenue between $108 million to $113 million, a significant drop from the earlier projection of $150 million to $165 million...Read More
Why This Matters To BLNK Investors
ChargePoint's issues with lower revenue due to market pressures, delivery delays, and economic conditions might signal broader challenges within the electric vehicle charging sector. Investors may worry that similar issues could affect Blink Charging's operations or revenue potential.
Lower-than-anticipated revenue and market challenges for a peer company might erode investor confidence in the sector's growth potential. This loss of confidence could lead investors to reevaluate their positions in companies like Blink Charging, causing a decrease in its stock price.
See Also: How To Earn $500 A Month From Walmart Stock Following Strong Q3 Sales
According to data from Benzinga Pro, BLNK has a 52-week high of $15.40 and a 52-week low of $2.22.
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