Blink Charging Co (NASDAQ: BLNK) is having an incredibly strong start to the trading session this morning, and for good reason. Following up on the announcement that the company entered a partnership with Whole Foods, the company announced this morning that it is expanding its charging network even more! In today’s announcement, the company said it would be expanding its network in Miami, Florida. Of course, this led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The expansion;
- what we’re seeing out of BLNK as a result;
- and what we’ll be watching for ahead.
BLNK Expands Vehicle Charging Network
As mentioned above, Blink Charging is having an overwhelmingly strong start to the trading session this morning after announcing the expansion of its charging network in Miami, Florida. In a press release issued this morning, the company announced that as the exclusive EV charging service provider in the City of Miami Beach, it will be expanding its footprint in the area with a wave of new EV charging station installations.
In the release, BLNK said that currently, its charging stations are active and available to the public at four of The City of Miami Beach’s parking garages. Also, the company is working with the City of Miami Beach to expand into the City’s remaining 5 garages over the next month.
The charging stations are available to everyone. However, if users decide to join the company’s network with a free subscription, they will have access to lower charging costs and other membership benefits. In a statement, Michael D. Farkas, Founder and Executive Chairman at BLNK, had the following to offer:
As a Florida-based company, expanding our network in Miami Beach is extremely important to us… We are proud to be the exclusive company providing The City of Miami Beach charging services for these locations, as well as other new locations. Miami Beach is a very high-traffic destination for EV drivers, and securing a presence in all of the city’s garages will make sure everyone has a place to charge, whether here for business or pleasure.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. As Blink Charging continues to expand its network, the opportunities for revenue expand along side the network. So, it’s no surprise that with this news, investors are excited, sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:57), BLNK is trading at $5.96 per share after a gain of $0.76 per share or 14.52% 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 following the continued expansion of the company’s EV charging station network as this expansion will likely lead to strong revenue growth. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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