Electric vehicle charging equipment maker Blink Charging (BLNK) enjoyed a significant rise in stock value on Friday, thanks to the electric vehicle sector drawing in significant investor interest in the past week.
The Florida-based company’s stock skyrocketed by 23.6% to the price of $22.67 as trading closed, marking its fifth straight gain. This is Blink Charging’s highest closing price since August 2017.
Rebecca Gutierrez, vice president of marketing at Blink, responded to this news by stating that while the entire EV sector at large has benefitted from rising consumer interest, Blink Charging has a unique positioning as an infrastructure manufacturer, rather than producing the vehicles themselves.
Prior to its recent good fortunes on the Nasdaq stock exchange, Blink suffered a large blow in August of this year, when its stocks fell by a mammoth 38.5% during the week ending on August 21st. This was due to allegations in a report by a short-seller that the EV charging equipment manufacturer grossly exaggerated the size of its charging network—a claim that Blink unequivocally denied.
Despite this shortfall, Blink has enjoyed a strong comeback, with Gutierrez attributing much of its success to its owner/operator model that “represents a tremendous opportunity to drive recurring revenue growth as more EVs take to the road and require the infrastructure and services that Blink provides.”
