Blink Charging Co.  

Blink Charging Co. (NASDAQ: BLNK) is an electric vehicle (EV) charging equipment and networked EV charging services owner, operator, and provider in the United States and international markets for EVs. It provides EV charging equipment and services to residential and commercial customers, allowing EV drivers to recharge at various locations. Its Blink EV charging network (the Blink Network) and Blink EV charging equipment, also known as electric vehicle supply equipment (EVSE) and other EV-related services, are the company's main products and services.

Key Highlights

• The company reported YoY growth of 236.06% in total revenue to USD 20.94 million in FY21 (ended December 31, 2021) compared to USD 6.23 million in FY20.
• BLNK net loss increased to USD 55.12 million in FY21 vs. USD 17.85 million in FY20.
• As of December 31, 2021, the company had cash and cash equivalents of USD 174.80 million and outstanding debt of USD 0.01 million.
• On March 16, 2022, The Massachusetts Department of Environmental Protection (MassDEP) awarded BLNK grants to install 8 dual-port 75-175kW DC fast-charging stations across Massachusetts.
• Its ROE was -8.7% in FY21, whereas the industry median stood at 2.4%.
• Stock is currently trading between its crucial short-term (50-day) and long-term (200-day) SMA support levels.
• The stock is leaning towards the lower end of its 52-week range of USD 17.93 to USD 49.00.

Conclusion: Considering the company’s surge in topline, expansion of net losses, technical indicators, and associated risks, we recommend a "Watch" rating on the stock at the closing price of USD 27.34, up 1.30%, as of March 29, 2022.

Technical Price Chart (March 29, 2022). Source: REFINITIV, Analysis by Kalkine Group

Technical Analysis Summary:

*Closing price as of March 29, 2022

Investors can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.

Technical Indicators Defined: -

Support: A level where-in the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level where-in the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.

Note 1: The reference data in this report has been partly sourced from REFINITIV.  

Note 2: Investment decision should be made depending on the investors' appetite on upside potential, risks, holding duration, and any previous holdings. Investors can consider exiting from the stock if the Target Price mentioned as per the valuation has been achieved and subject to the factors discussed above.