What Happened:
Shares of EV charging infrastructure provider Blink Charging (NASDAQ:BLNK) fell 19% in the afternoon session after the company reported second quarter earnings results. Its revenue unfortunately missed and its EPS fell short of Wall Street's estimates. Gross margin also declined significantly, and the company continued to burn cash. Overall, this was a mediocre quarter for Blink Charging.
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What is the market telling us:
Blink Charging's shares are very volatile and over the last year have had 89 moves greater than 5%. But moves this big are very rare even for Blink Charging and that is indicating to us that this news had a significant impact on the market's perception of the business.
Blink Charging is down 33.8% since the beginning of the year, and at $2.10 per share it is trading 69.4% below its 52-week high of $6.86 from August 2023. Investors who bought $1,000 worth of Blink Charging's shares 5 years ago would now be looking at an investment worth $774.91.
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