Blink Charging (NASDAQ:BLNK) Price Target Cut to $4.00 by Analysts at Needham & Company LLC

Blink Charging (NASDAQ:BLNK) had its price target lowered by Needham & Company LLC from $6.00 to $4.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently issued reports on BLNK. Stifel Nicolaus reiterated a hold rating and issued a $4.00 price target on shares of Blink Charging in a report on Thursday, May 16th. Benchmark assumed coverage on Blink Charging in a report on Wednesday, July 31st. They issued a buy rating and a $5.00 price target on the stock. B. Riley upgraded Blink Charging to a hold rating in a report on Tuesday, June 25th. Finally, UBS Group reduced their target price on Blink Charging from $7.00 to $4.50 and set a buy rating on the stock in a report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Blink Charging presently has a consensus rating of Moderate Buy and an average price target of $6.07.

Blink Charging Stock Down 6.1 %

Blink Charging stock opened at $2.00 on Thursday. The business’s 50-day simple moving average is $3.00 and its 200 day simple moving average is $2.90. The stock has a market cap of $202.12 million, a price-to-earnings ratio of -0.70 and a beta of 2.73. Blink Charging has a 12-month low of $1.95 and a 12-month high of $6.78.

Blink Charging (NASDAQ:BLNK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.04). The firm had revenue of $33.26 million during the quarter, compared to the consensus estimate of $38.90 million. Blink Charging had a negative net margin of 122.09% and a negative return on equity of 25.12%. Blink Charging’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.44) EPS. As a group, sell-side analysts expect that Blink Charging will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Blink Charging

Hedge funds have recently modified their holdings of the business. Private Advisor Group LLC acquired a new stake in shares of Blink Charging during the fourth quarter worth about $42,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Blink Charging by 179.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 252,246 shares of the company’s stock worth $855,000 after purchasing an additional 162,109 shares during the period. KBC Group NV raised its position in shares of Blink Charging by 173.4% during the fourth quarter. KBC Group NV now owns 224,472 shares of the company’s stock worth $761,000 after purchasing an additional 142,366 shares during the period. BNP Paribas Financial Markets raised its position in shares of Blink Charging by 36.3% during the first quarter. BNP Paribas Financial Markets now owns 39,601 shares of the company’s stock worth $119,000 after purchasing an additional 10,554 shares during the period. Finally, Quadrature Capital Ltd raised its position in shares of Blink Charging by 861.1% during the fourth quarter. Quadrature Capital Ltd now owns 459,583 shares of the company’s stock worth $1,558,000 after purchasing an additional 411,763 shares during the period. Institutional investors and hedge funds own 44.64% of the company’s stock.

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.