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Spotting Winners: Blink Charging (NASDAQ:BLNK) And Renewable Energy Stocks In Q3


Kayode Omotosho /
2024/12/17 4:03 am EST

As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the renewable energy industry, including Blink Charging (NASDAQ:BLNK) and its peers.

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 17 renewable energy stocks we track reported a slower Q3. As a group, revenues missed analysts’ consensus estimates by 9.4% while next quarter’s revenue guidance was 7.2% below.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Blink Charging (NASDAQ:BLNK)

One of the first EV charging companies to go public, Blink Charging (NASDAQ:BLNK) is a manufacturer, owner, operator, and provider of electric vehicle charging equipment and networked EV charging services.

Blink Charging reported revenues of $25.19 million, down 41.9% year on year. This print fell short of analysts’ expectations by 28.1%. Overall, it was a disappointing quarter for the company with full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ adjusted operating income estimates.

Blink Charging Total Revenue

Blink Charging delivered the weakest full-year guidance update of the whole group. Unsurprisingly, the stock is down 19.9% since reporting and currently trades at $1.61.

Is now the time to buy Blink Charging? Access our full analysis of the earnings results here, it’s free.

Best Q3: American Superconductor (NASDAQ:AMSC)

Founded in 1987, American Superconductor (NASDAQ:AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.

American Superconductor reported revenues of $54.47 million, up 60.2% year on year, outperforming analysts’ expectations by 6.1%. The business had an exceptional quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

American Superconductor Total Revenue

The market seems happy with the results as the stock is up 9.7% since reporting. It currently trades at $25.78.

Is now the time to buy American Superconductor? Access our full analysis of the earnings results here, it’s free.

SolarEdge (NASDAQ:SEDG)

Established in 2006, SolarEdge (NASDAQ: SEDG) creates advanced systems to improve the efficiency of solar panels.

SolarEdge reported revenues of $260.9 million, down 64% year on year, falling short of analysts’ expectations by 3.7%. It was a disappointing quarter as it posted revenue guidance for next quarter missing analysts’ expectations.

As expected, the stock is down 7.8% since the results and currently trades at $13.52.

Read our full analysis of SolarEdge’s results here.

Generac (NYSE:GNRC)

With its name deriving from a combination of “generating” and “AC”, Generac (NYSE:GNRC) offers generators and other power products for residential, industrial, and commercial use.

Generac reported revenues of $1.17 billion, up 9.6% year on year. This number surpassed analysts’ expectations by 1%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ EBITDA estimates.

The stock is up 1.3% since reporting and currently trades at $167.20.

Read our full, actionable report on Generac here, it’s free.

ChargePoint (NYSE:CHPT)

The most prominent EV charging company during the COVID bull market, ChargePoint (NYSE:CHPT) is a provider of electric vehicle charging technology solutions in North America and Europe.

ChargePoint reported revenues of $99.61 million, down 9.7% year on year. This print topped analysts’ expectations by 11.2%. It was a very strong quarter as it also logged an impressive beat of analysts’ EBITDA estimates.

ChargePoint scored the biggest analyst estimates beat among its peers. The stock is down 7.4% since reporting and currently trades at $1.13.

Read our full, actionable report on ChargePoint here, it’s free.

Market Update

In response to the Fed's rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed's 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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