Blink Charging (NASDAQ:BLNK) is seeing a major increase BLNK stock on Friday despite a lack of electric vehicle (EV) news concerning the company.
While there may not be any EV news directly connected to Blink Charging, that doesn’t mean the stock is rallying for no reason. It’s important to note that the company’s stock has been on the rise since late June.
So what exactly has been behind the positive movement for BLNK stock? Part of the increase in the stock’s price can be contributed to Robin Hood traders boosting it higher. The app allows people to easily trade stock from their smartphones and has been behind more than a few strange movements for some stocks.
Another reason that Blink Charging might be on the rise Friday has to do with EV news out of New York City. The city is planning to undergo an infrastructure change that will add charging stations for EVs. While BLNK isn’t mentioned in this plan, it’s possible investors are betting on it taking part in the massive project.
Blink Charging is an EV charging company that was founded back in 2009 as CarCharging. The company’s come a long way since then and that includes a name change and acquiring multiple smaller EV charging services. It’s clear that there’s still more room for growth with the growing acceptance of EVs, which is likely why investors are pushing BLNK stock higher.
BLNK stock closed out the day Friday up 8.9%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
