Blink Charging Co. (NASDAQ:BLNK) stock closed 9.4% higher on June 12. Further, it gained over 1.1% in the after-hours trade as the EV (Electric Vehicle) charging equipment and services provider announced that it will roll out a new 240-kilowatt DC (Direct Current) fast charger.
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What caught investors’ eye is that the new charger will provide both NACS (North American Charging Standards) and CCS (Connected Charging System) connectors. This feature holds significant importance for Blink, as it allows the company to stay competitive in the EV charging space and meet changing market demands.
The EV Industry Embraces Tesla’s Charging Port Standard
It’s worth highlighting that the vehicle makers are drifting towards NACS, which is developed by Tesla (NASDAQ:TSLA). Thus, BLNK’s new charger with NACS and CCS ports positions it well to keep up with the evolution of the EV charging industry.
Last month, Ford Motor Company (NYSE:F) reached an agreement with Tesla, allowing its EV customers to access the latter’s more than 12K Superchargers in the U.S. and Canada. What stood out is that Ford said it would equip its future EVs with the NACS charge port.
General Motors (NYSE:GM) followed suit and announced that it will begin integrating NACS into new EVs starting in 2025.
Is Blink a Buy or Sell?
Blink’s competitive stance in the EV charging sector is bolstered by its diverse product portfolio and its ability to swiftly adapt to shifting market trends. However, the recent deal between Tesla, Ford, and General Motors, along with Tesla’s dominance in the industry, could pose a challenge for BLNK, keeping analysts sidelined.
Blink stock has received one Buy and six Hold recommendations for a Hold consensus rating on TipRanks. Meanwhile, analysts’ average price target of $16.50 implies a whopping upside potential of 153.07%.
Investors should note that Sameer Joshi of H.C. Wainwright is the most accurate analyst for BLNK stock, according to TipRanks. Copying Joshi’s trades on BLNK stock and holding each position for one year could result in 28% of your transactions generating a profit, with an average return of 71.85% per trade.
