Shares of EV charging solutions provider Blink Charging (NASDAQ:BLNK) are trending lower today. This comes after it disclosed a subpoena from the Securities and Exchange Commission (SEC) in July requesting the company’s documents and other information (since January 2020) related to varying subjects, including related-party transactions, EV charging stations, and executive departures.
The company is cooperating with the securities market watchdog and noted that it cannot predict the investigation’s timing or outcome or its consequences.
Yesterday, Blink also announced second-quarter numbers, with revenue soaring 185.5% year-over-year to $32.8 million. Net loss per share at $0.44 came in narrower than estimates by $0.02. during the quarter, Blink witnessed growth across its Service and Network fees channels and had a total of 5,830 charging stations under its infrastructure (sold, contracted, or deployed).
For Fiscal Year 2023, the company now expects revenue to hover between $110 million and $120 million and anticipates reaching positive adjusted EBITDA by the end of 2024.
Overall, the Street has a $30 consensus price target on Blink alongside a Hold consensus rating. This points to a massive 350% potential upside in the stock.
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