Markets

Why Blink Charging Stock Just Charged Ahead 15%

What happened

Shares of Blink Charging (NASDAQ: BLNK) are on a tear today, up 15% through 11 a.m. EDT on an announcement from the electric-vehicle (EV) charging network that it has sold or deployed 539 charging stations in the United States and internationally during the coronavirus lockdowns of June through August.

What happened

It's not immediately clear what prompted this press release from Blink, other than the fact that its stock dropped 36% last month, and has mostly flatlined in September, so perhaps management would like to get a little bit of that back.

Earnings were last released a month ago, and new earnings won't arrive for another couple of months, so you can't really call today's news an earnings "pre-announcement." It's more in the nature of the company just issuing a press release to boost enthusiasm for its stock, which seems to be waning in the wake of short-seller reports questioning the size of its charging network.

Stock up arrow rising over 2020

Image source: Getty Images.

So what

Thus, Blink thought it was a good idea to remind investors today that whatever its critics might contend, it enjoyed a nearly 100% increase in deployments of its charging stations over the past three months, and that it now has operations in at least 24 states across the U.S.

So far, the PR seems to be working. But for Blink to maintain the momentum it's enjoying today, it would help if it could report that all of these charging stations are growing its revenue and leading to profitability.

Maybe we'll hear about that next quarter, though.

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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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