Penny stock Blink Charging (NASDAQ:BLNK) declined more than 7% in the extended trading session yesterday after the company reported mixed results for the Fiscal fourth quarter. Nevertheless, BLNK reported a reduced loss in Q4 due to lower operating expenses.
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BLNK provides electric vehicle (EV) charging equipment and networked charging solutions.
Q4 Financial Highlights
The company reported a loss per share of $0.28 in Q4, lower than the analysts’ expectations of a loss of $0.31 per share. Also, it compared favorably with a loss of $0.55 in the year-ago quarter. Blink’s bottom-line performance benefitted from a 16% decline in operating expenses, driven primarily by lower compensation costs.
Meanwhile, revenue increased 89% year-over-year to $42.7 million but came below the consensus estimates of $35.45 million. The year-over-year growth was driven by strong demand for BLNK’s charging equipment and services.
2024 Outlook
For the full year 2024, Blink expects to report revenues between $165 million and $175 million, reflecting an increase of about 20% from the midpoint.
Following the release of Q4 results, one analyst, Gabriel Daoud of TD Cowen, maintained a Buy rating on BLNK stock with a price target of $4, implying a 16.6% upside potential. The analyst believes that the strength in hardware sales coupled with higher service revenue should drive the company’s top-line growth.
Is Blink Stock a Good Buy?
On TipRanks, Blink Charging has a Moderate Buy consensus rating based on one Buy and two Hold ratings. Also, the analysts’ average price target on BLNK stock of $5 implies a 45.77% upside potential. Shares of the company have declined by about 56% in the past year.
