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May 28, 2022

News of the Trade

Latest trading, investing, and financial news

EV Charging Stock Rises As Revenue Crushes Views

Blink Charging (BLNK) crushed revenue estimates for the first quarter. Blink stock rose in late trade.




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Plug Power (PLUG) missed both earnings and revenue views for the fuel-cell firm. Plug stock fell sharply overnight.

EVgo (EVGO) and Wallbox (WBX) report Wednesday, rounding out earnings reports from EV charging and alt-fuel stocks this week.


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Blink Charging Earnings

Blink Charging widened losses to 36 cents per share from a loss of 18 cents a year ago. Revenue surged 339% to $9.8 billion. Analyst expected a loss of 41 cents per share on revenue of $7 million.

Shares gained 2.4% in late Monday trade. Blink stock dived 13.5% to 15.53 in the regular session on the stock market today, setting its lowest levels since late 2020.

Plug Power Earnings

Plug Power (PLUG) widened losses to 27 cents a share from 12 cents a year ago. Revenue swelled 96% to $140.8 million. Analysts were expecting a loss of 16 cents on revenue of $144.8 million.

Shares crumbled 7.5% in late trade. Plug Power stock plunged 14.2% to 16.65 in Monday’s regular session, hitting the lowest since late 2020.

New York-based Plug Power focuses on hydrogen and fuel-cell systems. It targets stationary energy storage, industrial robots and commercial fleets. In April, Plug Power announced a deal giving Walmart (WMT) an option to buy 20 tons per day (TPD) of liquid green hydrogen to fuel 9,500 lift trucks. It aims to produce 70 TPD of green hydrogen by end of 2022.

EVgo, Wallbox Earnings

Early Wednesday, EVgo (EVGO) is likely to trim losses to 12 cents a share from 21 cents a year ago. Revenue is seen leaping 115% to $8.8 million. EVgo stock lost 9.85% to 7.96 Monday.

Also early Wednesday, Wallbox is expected to lose 9 cents per share on revenue of $36 million. There are no year-ago figures. Wallbox stock fell 5.4% to 11.68 on the stock market today, trading below the 50-day moving average.

ChargePoint (CHPT) and Volta (VLTA) are yet to announce earnings dates.

EV Charging Stocks Eye Billions For Charging Network

Bear in mind that new EV stocks are thinly covered on Wall Street. Estimates are often based on a handful of analysts.

Notably, EV charging stocks are expected to benefit from EV adoption. The Biden administration plans to spend $5 billion to build half a million public chargers, mainly along interstate highways. Still, charging stocks have sold off along with the broader EV and stock market.

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