In a notable turn of events for Blink Charging (NASDAQ:BLNK), the company has revised its 2023 revenue outlook upward following a robust third-quarter performance that saw significant year-over-year growth. Blink Charging's shares on NASDAQ responded positively to the news, soaring 27% to $3.13, with trading volumes heavily exceeding the 65-day average.
The electric vehicle charging company reported a third-quarter loss per share of $1.74 but highlighted a substantial increase in revenues to $43.3 million, compared to the same period last year. This surge in revenue has propelled the company's nine-month earnings to $98 million, already surpassing its full-year 2022 revenue of $61.1 million.
Encouraged by these results, Blink Charging has also upgraded its revenue expectations for the year. The company now anticipates revenues to be between $128 million and $133 million, a significant jump from the previously estimated range of $110 million to $120 million.
This financial momentum was reflected in Friday's market activity as investors rallied behind Blink Charging, showcasing confidence in the company's growth trajectory and its ability to capitalize on the expanding electric vehicle market.
InvestingPro Insights
In light of the recent developments, InvestingPro data and tips provide additional insight into Blink Charging's financial health and future prospects. The company's market cap stands at $214.56M with a trailing P/E ratio of -1.41, suggesting that the market is pricing in future growth. Despite a negative earnings per share trend, analysts anticipate sales growth in the current year, which aligns with the company's upgraded revenue expectations.
InvestingPro Tips also highlight that Blink Charging holds more cash than debt on its balance sheet, a positive sign of financial stability. However, the company is quickly burning through cash, which could impact its future operations if not managed effectively.
On the valuation front, Blink Charging is trading at a low Price / Book multiple of 0.52 as of Q2 2023, indicating that the stock may be undervalued.
In the broader market context, the stock has seen significant price movements over the last six months, and the company's stock price is only 15.95% of its 52-week high, suggesting potential room for growth.
InvestingPro's platform offers more than 20 additional tips for Blink Charging, providing a comprehensive view of the company's financial performance and market position.
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