BlackRock Fund Advisors recently announced the acquisition of new stake in Blink Charging Co (NASDAQ:BLNK). The institutional investor has increased its shareholding in the Industrials company by 10.04% to 3.7 million shares with purchase of 0.34 million shares. This fresh investment now brings its stake to 5.48% valued currently at $11.9 million. In addition, The Vanguard Group, Inc. raised its holdings by 47522.0 to 2.64 million shares. And SSgA Funds Management, Inc. has lifted its position by 9.98% or 0.2 million shares – to 2.19 million shares.
With over 13.24 million Blink Charging Co (BLNK) shares trading Friday and a closing price of $3.59 on the day, the dollar volume was approximately $47.52 million. The shares have shown a negative half year performance of -33.89% and its price on 12/22/23 gained nearly 15.81%. Currently, there are 67.41M common shares owned by the public and among those 60.69M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for BLNK have a consensus price objective of $9.33. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $3.00. The average price target is 61.52% above its recent price level and a downside to the estimated low will see the stock lose -19.67% over that period. But an upside of 85.64% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 1,688,835 shares. Insider sales of the common stock occurred on 74 occasions, with total insider shares sold totaling 2,414,187 shares.
The top 3 mutual fund holders in Blink Charging Co are Invesco WilderHill Clean Energy E, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Invesco WilderHill Clean Energy E owns 2.14 million shares of the company’s stock, all valued at over $6.9 million. iShares Russell 2000 ETF bought 639.0 shares to bring its total holdings to over 1.3 million shares at a value of $4.19 million. iShares Russell 2000 ETF now owns shares totaling to 1.93% of the shares outstanding.
Shares of Blink Charging Co (NASDAQ: BLNK) opened at $3.15, up $0.05 from a prior closing price of $3.10. However, the script later moved the day high at 3.6000, up 15.81%. The company’s stock has a 5-day price change of 13.61% and 21.69% over the past three months. BLNK shares are trading -67.27% year to date (YTD), with the 12-month market performance down to -70.16% lower. It has a 12-month low price of $2.22 and touched a high of $15.40 over the same period. BLNK has an average intraday trading volume of 4.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.28%, 17.25%, and -32.08% respectively.
Institutional ownership of Blink Charging Co (NASDAQ: BLNK) shares accounts for 37.38% of the company’s 67.41M shares outstanding. Mutual fund holders own 19.88%, while other institutional holders and individual stakeholders account for 7.54% and 17.79% respectively.
It has a market capitalization of $242.00M and a beta (3y monthly) value of 2.82. The earnings-per-share (ttm) stands at -$3.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.41% over the week and 9.28% over the month.
Analysts forecast that Blink Charging Co (BLNK) will achieve an EPS of -$0.33 for the current quarter, -$0.31 for the next quarter and -$1.11 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.51 while analysts give the company a high EPS estimate of -$0.27. Comparatively, EPS for the current quarter was -$0.55 a year ago. Earnings per share for the fiscal year are expected to decrease by -77.77%, and 64.73% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Blink Charging Co (BLNK) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 7 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BLNK, a number of firms have released research notes about the stock. UBS stated their Buy rating for the stock in a research note on September 27, 2023, with the firm’s price target at $7.
