Shares of the EV charging infrastructure and solutions provider Blink Charging (NASDAQ:BLNK) are in focus today after it agreed to provide EV charging solutions to five McDonald’s (NYSE:MCD) restaurants owned by Arcos Dorados in Puerto Rico.
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Arcos Dorados is McDonald’s largest independent franchisee globally, as well as the biggest quick-service restaurant chain in Latin America and the Caribbean. Under the deal, Blink’s IQ-200 pedestal chargers will be set up by the end of summer to provide EV charging services.
The deal further expands Blink’s footprint in the Latin American market. The company has so far sold or deployed 2,138 chargers in eight countries in the region. Impressively, Blink’s IQ200 chargers can deliver up to 80 amps of output and ~65 miles of charge in only an hour.
Overall, the Street has a $23 consensus price target on Blink, alongside a Moderate Buy consensus rating. This points to a mouth-watering 398% potential upside in the stock. Shares of the company have tanked nearly 77.5% over the past year. At the same time, short interest in the stock remains elevated at nearly 26.1%.
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