Blink Charging Co. (NASDAQ:BLNK) Sees Significant Growth in Short Interest

Blink Charging Co. (NASDAQ:BLNK) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 18,620,000 shares, a growth of 13.1% from the October 15th total of 16,470,000 shares. Based on an average daily volume of 2,180,000 shares, the days-to-cover ratio is currently 8.5 days.

Blink Charging Price Performance

Shares of NASDAQ BLNK opened at $4.23 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.42 and a quick ratio of 1.80. The company’s 50-day moving average price is $3.09 and its 200 day moving average price is $5.05. Blink Charging has a 52 week low of $2.22 and a 52 week high of $15.40.

Blink Charging (NASDAQ:BLNK) last released its quarterly earnings results on Thursday, November 9th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.30. Blink Charging had a negative net margin of 176.07% and a negative return on equity of 32.38%. The business had revenue of $43.38 million for the quarter, compared to analyst estimates of $30.29 million. During the same period in the prior year, the business earned ($0.47) earnings per share. The company’s quarterly revenue was up 151.5% on a year-over-year basis. As a group, sell-side analysts expect that Blink Charging will post -1.59 EPS for the current fiscal year.

Insider Transactions at Blink Charging

In related news, CEO Michael D. Farkas sold 26,000 shares of Blink Charging stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $4.39, for a total value of $114,140.00. Following the completion of the transaction, the chief executive officer now owns 3,196,616 shares in the company, valued at $14,033,144.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Blink Charging news, CEO Michael D. Farkas sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $3.56, for a total transaction of $71,200.00. Following the completion of the transaction, the chief executive officer now owns 2,942,616 shares in the company, valued at approximately $10,475,712.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael D. Farkas sold 26,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $4.39, for a total value of $114,140.00. Following the completion of the transaction, the chief executive officer now directly owns 3,196,616 shares in the company, valued at approximately $14,033,144.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 430,000 shares of company stock valued at $1,606,520. 15.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blink Charging

A number of institutional investors have recently made changes to their positions in BLNK. Toroso Investments LLC boosted its stake in shares of Blink Charging by 3.3% during the third quarter. Toroso Investments LLC now owns 80,272 shares of the company’s stock valued at $246,000 after acquiring an additional 2,575 shares during the last quarter. Alps Advisors Inc. lifted its holdings in Blink Charging by 5.4% in the 3rd quarter. Alps Advisors Inc. now owns 238,758 shares of the company’s stock valued at $731,000 after purchasing an additional 12,191 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Blink Charging during the 3rd quarter worth about $146,000. Teza Capital Management LLC purchased a new stake in shares of Blink Charging during the third quarter worth about $34,000. Finally, Northern Trust Corp raised its position in shares of Blink Charging by 16.7% in the third quarter. Northern Trust Corp now owns 545,551 shares of the company’s stock valued at $1,669,000 after buying an additional 77,937 shares during the last quarter. 34.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BLNK. B. Riley decreased their target price on Blink Charging from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, July 20th. UBS Group started coverage on shares of Blink Charging in a report on Wednesday, September 27th. They issued a “buy” rating and a $7.00 target price for the company. Finally, HC Wainwright cut their price target on shares of Blink Charging from $50.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, November 10th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.50.

Blink Charging Company Profile

Blink Charging Co, through its subsidiaries, owns, operates, manufactures, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States and internationally. The company offers residential and commercial EV charging equipment that enable EV drivers to recharge at various location types.