Shares of EV charging solutions provider Blink Charging (NASDAQ:BLNK) are trending lower today. This comes after it disclosed a subpoena from the Securities and Exchange Commission (SEC) in July requesting the company’s documents and other information (since January 2020) related to varying subjects, including related-party transactions, EV charging stations, and executive departures.
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The company is cooperating with the securities market watchdog and noted that it cannot predict the investigation’s timing or outcome or its consequences.
Yesterday, Blink also announced second-quarter numbers, with revenue soaring 185.5% year-over-year to $32.8 million. Net loss per share at $0.44 came in narrower than estimates by $0.02. during the quarter, Blink witnessed growth across its Service and Network fees channels and had a total of 5,830 charging stations under its infrastructure (sold, contracted, or deployed).
For Fiscal Year 2023, the company now expects revenue to hover between $110 million and $120 million and anticipates reaching positive adjusted EBITDA by the end of 2024.
Overall, the Street has a $30 consensus price target on Blink alongside a Hold consensus rating. This points to a massive 350% potential upside in the stock.
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