Blink Charging Co. (BLNK) bulls have been out of energy as the electric vehicle (EV) charging equipment maker’s stock is within a charger’s length of its 52-week low of $5.32, compared to a 52-week high of $26.95.
Blink is a leading owner, operator, and provider of electric vehicle charging equipment and networked EV charging services. Its principal line of products and services is our Blink EV charging network (the “Blink Network”), a proprietary cloud-based software that operates, maintains, and tracks all the Blink EV charging stations and the associated charging data; EV charging equipment; and EV related services.
BLNK operates thousands of EV chargers deployed across the United States across numerous transit/destination locations, including airports, car dealers, healthcare/medical, hotels, mixed-use, municipal locations, multifamily residential and condo, parks and recreation areas, parking lots, religious institutions, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations.
Blink will announce its second quarter 2023 results on Tuesday, August 8, 2023, following the close of the financial markets. (1) Wall Street forecasts a loss of 49 cents per share (EPS) for the quarter, which is a small improvement from a loss of 52 cents per share during last year’s second quarter. Revenue, however, is expected to more than double from $11.49 million for the same period last year to $23.76 million this year. (2)
Based on BLNK’s stock chart, there is some hope Tuesday’s financial report card could put a charge back into the stock price. As you can see on the chart below, Blink has a clearly defined trendline that basically mirrors the 50-day moving average.
In early July, the price moved above the trendline for the first time since April. Breaking a trend like that can be one of the first bullish signs that a reversal in direction might be near. If Wall Street meets BLNK’s earnings and guidance with enthusiasm, there is a good chance the price will also move above the 50-day mark. It would be another bullish brick in the foundation of a reversal.
In our technical opinion, the final brick between here and the declining 200-day benchmark of $9.69 is technical resistance between $7-$7.50.
Of course, underwhelming results and guidance are a possibility as well. If that’s the case, another visit to the 52-week low would be likely. Closing at a new low would be reason enough for short-term traders to unplug from BLNK stock.
Trading earnings is only for speculators with the most aggressive risk tolerance and who can afford to lose money, maybe a lot, in short periods.
Rich Meyers
1 – https://ir.blinkcharging.com/news-events/press-releases/detail/2460/blink-charging-to-host-second-quarter-2023-conference-call
2 – https://finance.yahoo.com/quote/BLNK/analysis?p=BLNK