Oversold, Blink Charging Showing Signs of Life

FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva

Beaten down, oversold shares of Blink Charging (BLNK) is seeing signs of life.

All after the company was awarded a Multiple Award Schedule (MAS) contracts by the U.S. General Services Administration (GSA), which will allow government customers and federal agencies to easily purchase Blink electric vehicle (EV) equipment and services through the GSA Schedule for their EV charging needs.

“The GSA MAS award is a critical milestone for Blink to provide greater access to government channels. We anticipate that federal government purchases of EV charging equipment and services will accelerate significantly in the coming years and Blink is well positioned to provide innovative solutions to these government customers,” said Michael Battaglia, Chief Revenue Officer at Blink Charging.

The company was also awarded an IDIQ contract by the United States Postal Service to sell up to 41,500 EV charging units to support EV charging infrastructure for the USPS as part of its vehicle electrification strategy.

Even better, Barclays initiated coverage of Blink Charging with an Equal Weight rating and $11 price target. “While the company’s revenues are largely comprised of equipment sales today, recurring revenues from electricity sales and network fees should grow as Blink expands its network of owned/operated chargers and swaps out the Level 2 chargers for Level 3 chargers over the longer term,” as noted by TheFly.com.

BLNK last traded at $8.05 on a volume spike to 3.17 million shares, as compared to a daily average volume of 2.17 million.