Electric vehicles (EV) charging equipment and services provider Blink Charging Co. (BLNK) recently announced the deployment of 27 charging stations across Traverse City in Michigan in collaboration with Traverse City Light & Power, a community-focused municipal utility.
Following the news, shares of the company appreciated 2.1% in Friday‘s trading session. It pared its gains slightly in extended trade to close at $31.18.
The partnership is in line with Traverse City Light & Power’s efforts to reduce the city’s carbon footprint. Further, the program is funded in part by a grant from the Michigan Department of Environment, Great Lakes, and Energy (EGLE).
The President of Blink Charging, Brendan Jones, said, “With the new IQ 200 100-amp chargers, Traverse City residents and visitors can have confidence that the city’s infrastructure is well positioned to meet their charging needs today and to serve the EVs of tomorrow without requiring future upgrades as EV technology changes.” (See Blink Charging stock chart on TipRanks)
Recently, D.A. Davidson analyst Matt Summerville initiated a Hold rating on the stock with a price target of $31. The analyst’s price target implies downside potential of 1.2% from current levels.
Consensus among analysts is a Hold based on 1 Buy and 3 Holds. The average Blink Charging price target stands at $35, which implies that the stock has upside potential of 11.5% from current levels. Shares have gained 346.4% over the past year.
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