Why Blink Charging Stock Jumped 13% This Morning
Barely a day after Gov. Gavin Newsom of California announced plans to ban the sale of new gasoline-powered cars in his state beginning in 2035, shares of electric vehicle (EV) charging company Blink Charging (NASDAQ: BLNK) are on a tear. The stock gained 13% this morning and remained up 9.6% as of 10:10 a.m. EDT.
It's not entirely clear how much Blink will benefit from California's move. According to Securities and Exchange Commission filings, the company says it had 14,778 charging stations in the U.S. as of the end of last year (a claim that has been challenged by short-sellers).
But Blink does not break down the location of these stations by state. This makes it difficult to say just how large a market share it enjoys in California, and even harder to speculate how big that share will become 15 years from now, when the California ban goes into effect.
Source Fool.com
