Electric vehicle charging equipment and software services provider Blink Charging Co. (NASDAQ: BLNK) recently revealed the expansion of its international footprint in Greece and the Latin American region.
Following the news, shares of the company declined 3.5% on Thursday to close at $24.16.
In terms of software enhancements, Blink has onboarded all hardware and EV driver members from its Greek joint venture, Blink Charging Hellas, to the Blink Network. This onboarding will enable the addition of 210 EV chargers in Greece to the Blink Network, ensuring a seamless charging experience for drivers.
In the Latin American region, due to the increasing demand witnessed for EV charging infrastructure, Blink has signed a number of reseller and distribution agreements with local partners to provide Blink hardware and software across the region.
Stock Rating
Consensus among analysts is a Moderate Buy based on two Buys and one Hold. BLNK’s average price target of $36.33 implies upside potential of 50.4% from current levels. Shares have declined 28.4% over the past year.
Conclusion
The adoption of electric vehicles and the corresponding need for charging infrastructure is witnessing growth by the day. In such a scenario, Blink’s move to enhance its international presence, especially in the burgeoning Latin American markets, is likely to be beneficial for the company.
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