Why Blink Charging Stock Is Sinking This Week
Market watchers have been balancing many uncertainties recently, helping to drive a rotation out of growth stocks. Even after a 3% rally on Thursday, the tech-heavy Nasdaq Composite index is down nearly 10% this month. More speculative, unprofitable companies like electric vehicle charging company Blink Charging (NASDAQ: BLNK) have fared even worse. Blink shares are down more than 25% in April. That includes a drop of 7.5% this week heading into the last day of trading, according to data provided by S&P Global Market Intelligence.
Blink hasn't reported any real negative news this week to continue the downtrend, but investors are beginning to lose patience with names in the electric vehicle sector that are still a long way from profitability. That includes Blink, as it invests to grow its charging network both in the U.S. and internationally. On the latter front, the company made more progress this week through an acquisition.
Image source: Blink Charging.
Source Fool.com
