Benzinga | Nov 12, 2021 12:27PM EST

Why Blink Charging Shares Are Rising Today

Blink Charging Co (NASDAQ:BLNK) is trading higher Friday after the company announced better-than-expected third-quarter revenue results.

Blink Charging reported a quarterly earnings loss of 36 cents per share, which came in below the estimate for a loss of 29 cents per share. The company reported quarterly revenue of $6.4 million, which beat the estimate of $4.68 million, representing a 607% increase year-over-year.

Blink Charging announced that 3,016 charging stations were contracted or sold during the third quarter.

"Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world," said Michael Farkas, chairman and CEO of Blink Charging.

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Roth Capital analyst Craig Irwin upgraded Blink Charging from a Neutral rating to a Buy rating and raised the price target from $37 to $45.

Blink Charging is an owner, operator and provider of electric vehicle charging services.

BLNK Price Action: Blink Charging has traded as high as $64.50 and as low as $9.21 over a 52-week period.

The stock was up 15.3% at $40.90 at time of publication.

Photos: courtesy of Blink Charging.