Electric vehicles (EV) charging equipment and services provider Blink Charging Co. (BLNK) has bagged a cooperative purchasing contract from Sourcewell, a Minnesota government organization that offers contract purchasing solutions. The contract comes under the Electric Vehicles Supply Equipment category.
Shares of the company closed 3.2% higher at $29.73 on Tuesday. The stock gained another 0.6% in early trade on Wednesday.
Florida-based Blink’s offerings include EV charging network, EV charging services and EV supply equipment. It has more than 30,000 charging ports across 13 countries.
The Senior Vice-President of Blink, Michael Battaglia, said, “We’re optimistic that this Sourcewell contract will help municipalities streamline the procurement process, making it easier to get Blink EV Charging stations installed in local communities and help further the acceleration of electric vehicle use.”
The company has announced several agreements recently to expand the distribution of its residential and commercial EV charging stations. (See Blink stock chart on TipRanks)
Last month, Roth Capital analyst Craig Irwin downgraded the rating on the stock to a Hold. The analyst sees execution risks to be increasing due to issues like a tight supply chain. He said that he would prefer to wait for a better entry point in the stock.
The analyst has provided a price target of $37 (24.5% upside potential). He said, “Q2 results were positive, with product sales driving revenue, plus a $1.4 million contribution from Blue Corner.”
Overall, the stock has a Hold consensus rating based on 1 Buy and 3 Holds. The average Blink Charging price target of $35 implies 17.7% upside potential. Shares of the company have gained 230% over the past year.
According to TipRanks’ Smart Score rating system, Blink scores a 6 out of 10, suggesting that the stock is likely to perform in line with market averages.
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