Why Blink Charging Moved Higher This Week
Shares of electric vehicle (EV) charging company Blink Charging (NASDAQ: BLNK) started this week strong -- at their peak, they were up by 13.5%. But the market's reaction to the company's fourth-quarter and full-year earnings report -- released late Thursday -- was fairly negative, denting those gains. As of early Friday morning, the week's gains had been pared back to about 4.5%, according to data provided by S&P Global Market Intelligence.
The double-digit percentage gains in the first part of the week came as most of the alternative energy sector moved higher in reaction to geopolitical concerns and soaring oil prices. High prices for fossil fuels make renewable energy sources a better deal on a relative basis, and with gas averaging more than $4 a gallon in the U.S., electric vehicles are looking more appealing. But investors weren't happy with Blink's wider-than-expected fourth-quarter loss. The company did, however, report that sales growth remains strong, with revenue soaring by 236% in 2021.
Source Fool.com
