BLNK Stock Price: Blink Charging Co falls as investors blink, take profits, buying opportunity?
- NASDAQ: BLNK is on the back foot on Wednesday, following its surge on Tuesday.
- The electric services company has been surging in recent days alongside the broader EV sector.
- A potential collaboration with Ideanomics could spark an upswing in prices.
NASDAQ: BLNK has been having its fair share of stock gains – jumping from the $2 handle to above $6 as the Electric Vehicle sector enjoyed growing demand. Blink Charging Co. does not produce cars nor trucks – but rather focuses on charging them. The company claims to be among the largest owners or operators of EV charging stations, a significant achievement for the company founded in 2009.
The Miami-Beach-based firm can, therefore, serve not only Elon Musk's Tesla – but a wide range of competitors.
One potential hookup or plug-in could be with Ideanomics. the Delaware-registered electric EV maker has also seen its stocks surge and fall – due to short-sellers skeptical of its financials. Other candidates include Nikola and Workhorse – who is also venturing into pickup trucks so popular in America.
Can Blink Charging continue higher?
BLNK charging stock
NASDAQ: BLNK is falling on Wednesday – heading over 10% with the blink of the eye. Are investors getting cold feet or blinking. However, bulls must remember that trading is never a one-way street, and profit-taking makes sense after the robust rally.
At the time of writing, Blink is trading around $4.72, down some 17% from Tuesday's close but substantially above prices seen only on Monday. Moreover, it traded below $2 in early June, hitting a 52-week low of $1.25.
Below $5, will NASDAQ: BLNK attract those looking to "buy the dip"? The stock has been on the radar of investors who saw its rise and stayed out. Will they see this fall as a buying opportunity and pile in?
Broader stock markets are on the rise on the first day of the third quarter, buoyed by hopes for a coronavirus vaccine developed by Pfizer and BioNtech.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
