What Happened?
Shares of EV charging infrastructure provider Blink Charging (NASDAQ: BLNK) jumped 2.1% in the afternoon session after the company announced a partnership to install electric vehicle (EV) charging stations at National Health Service (NHS) properties across the United Kingdom.
The collaboration, through its subsidiary Blink Charging UK Ltd. and Flowbird Smart City UK, aims to enhance the EV charging infrastructure at approximately 3,000 NHS buildings. This agreement allows for the immediate rollout of EV chargers managed on Blink's proprietary platform, significantly expanding the company's footprint. The positive development comes just before a scheduled virtual fireside chat on September 4, where the company's CEO, newly appointed CFO, and new CTO are expected to discuss future business strategy and technology innovations.
After the initial pop the shares cooled down to $1.12, up 2.5% from previous close.
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What Is The Market Telling Us
Blink Charging’s shares are extremely volatile and have had 74 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was about 22 hours ago when the stock dropped 6.6% on the news that the major indices continued to retreat amid profit-taking and renewed concerns about tariffs. Investors reacted to a federal court ruling that most of President Trump's global tariffs were illegal, raising uncertainty over trade policy and the fiscal impact of potential refunds. Rising Treasury yields added to the pressure, with the 10-year climbing above 4.2% and the 30-year nearing 5%, intensifying worries about stretched equity valuations. September's historically weak track record for stocks further dampened sentiment, leaving traders cautious ahead of the jobs report later in the week and the Federal Reserve's upcoming rate decision.
Blink Charging is down 25.1% since the beginning of the year, and at $1.12 per share, it is trading 50.1% below its 52-week high of $2.25 from October 2024. Investors who bought $1,000 worth of Blink Charging’s shares 5 years ago would now be looking at an investment worth $166.34.
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