Blink Charging’s stock surges after providing revenue guidance well above forecasts

Shares of Blink Charging Co.
BLNK,
-8.53%
got a 14.9% boost in premarket trading Wednesday, after the electric vehicle charging equipment maker provided an upbeat sales outlook and affirmed its target for reaching adjusted profitability. The company said it expects fourth-quarter revenue “to surpass $42 million,” which is well above the current FactSet consensus of $34.1 million, amid “strong demand for both our equipment and services.” The company affirmed its target of achieving a positive adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) run rate by December 2024. The stock has tumbled 20.9% year to date through Tuesday, amid broad weakness in the EV sector. The Global X Autonomous & Electric Vehicles ETF
DRIV,
-3.28%
has shed 5.5% this year, while the S&P 500
SPX,
-1.37%
has gained 3.8%.