Blink Charging Revs Up as Interest in Electric Vehicles Surges

Blink Charging takes off on growing interest in the electric-vehicle market.
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Electric-vehicle-charging company Blink Charging's  (BLNK) - Get Report shares continued to climb on Monday amid growing interest in EV production.

Shares of the Miami Beach company at last check were up 25% to $28.32. Blink's stock more than doubled last week.

Volume for the stock was approaching 46 million shares just before noon U.S. Eastern on Monday, more than seven times its 65-day average volume of 6.1 million shares. 

H.C. Wainwright recently raised its price target on Blink's shares while maintaining a neutral rating.

“Our model is very simple,” Chief Executive Michael Farkas said in an interview with IPO Edge. 

“Whether it’s at a multifamily residential facility, single-family home, retail market, hotel, or if you’re driving along a highway and need to supercharge, we’ll have a solution for you as well.”

Last week the company unveiled a new cable management system for use with both new Blink charging stations and retrofit installations of its IQ 200 charging stations.

Blink Charging said the system would help with EV-charging market demand for flexible EV charging equipment configurations.

The new technology will maintain the equipment's cords, promoting safety around charging stations and ongoing preventative maintenance of EV chargers.

The company said it had been investing to expand its EV charging product lineup with additional product innovations expected.

Earlier this month, Blink Charging said third-quarter revenue increased 18% to $900,000 from a year ago despite business interruptions due to the coronavirus pandemic.

During the third quarter, the company said it had signed an agreement with Cushman & Wakefield  (CWK) - Get Report to market Blink EV charging stations to that firm’s U.S. clients.

In addition, 668 EV charging stations were sold, deployed, or acquired across 25 states.

Meanwhile, DPW Holdings  (DPW) - Get Report was higher on Monday, after the electrical equipment and parts company said its power electronics subsidiary, Coolisys Technologies, established a program to get its EV chargers into national fast-food restaurants.

In other EV news, Tesla  (TSLA) - Get Report was climbing Monday after the electric-vehicle maker received another upgrade, this time from Wedbush Securities’ Daniel Ives, who lifted his one-year price target to $560 from $500 and said his new bull case is $1,000, up from $800.

In a research note to clients, Ives said Tesla was likely to achieve its goal of 1 million deliveries by 2023 or possibly sooner.