Blink Charging Co (NASDAQ: BLNK) is having an overwhelmingly positive time in the market as of late. In fact, since we released a publication about the stock just 23 hours ago, it has gone from $2.81 per share to $6.02 per share, and it continues to climb. So, what’s the big deal? The company announced yesterday that it entered into a partnership with Whole Foods Market that will likely put it on the map, that’s what! Today, we’ll talk about:
- The partnership;
- why it’s so important for BLNK;
- what we’re seeing from the stock today; and
- what we’ll be watching for ahead.
BLNK Enters A Partnership With Whole Foods Market
Yesterday, Blink Charging gained in multiples when the company announced that it has entered into a partnership with Whole Foods Market. As part of the partnership, the company’s electric vehicle charging stations are now available at three Whole Foods locations. However, that’s not the most interesting part. In the release, BLNK announced that its charging stations would be integrated into new Whole Foods Market locations. In a statement, Mike Calise, CEO at BLNK, had the following to offer:
Whole Foods Market has always been on the frontlines of innovation in sustainability, and so we are eager to be working with them on their new locations… Whole Foods knows that providing Blink Charging Stations at their stores not only delivers a needed amenity for their EV customers, it also provides the infrastructure for the future of transportation which has already reached a tipping point.
What’s The Big Deal?
So, Blink Charging created a partnership… what’s the big deal here? These kinds of things happen all the time. Well, this is a big deal, and here’s why…
First and foremost, Amazon.com recently purchased Whole Foods Market. Many speculate as to what the reason may be, but in my opinion, the reason has to do with revamping the company and turning it into a national health food store. Abiding by the same principles of the company’s core business, it’s e-tail operations, the company will likely use low margins and aggressive expansion, even if it means losses, to build the brand. Every time a new store is built around the United States, BLNK branded charging stations will be included in the development of these new locations. Ultimately, this will likely drive a massive amount of revenue down the line, and it also has a good chance of leading to increased awareness and a willingness of other retail chains starting to do the same. Ultimately, we can look at this as one deal, but the truth is that it not only has serious potential to grow in and of itself, but it also has the potential to create a domino effect that could make Blink Charging a household name.
What We’re Seeing From The Stock Today
With so much excitement surrounding the Whole Foods Market partnership, it’s no surprise that the massive gains that we saw in the stock are continuing today. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:45), BLNK is trading at $6.02 per share after a gain of $1.98 per share (49.01%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BLNK. In particular, we’re interested in watching the progress of the agreement with Whole Foods Market and excited to see the revenue growth that comes as a result. We’ll also be keeping our eyes peeled for more agreements like this likely coming down the line. At the end of the day, this is big news and other chains could see a strong opportunity in adding Blink Charging stations at their locations as a result. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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