Blink Charging Co. (BLNK) shares rose more than 20% after the company received a new grant to deploy 200 Blink Fast Level 2 charging stations across the mid-Atlantic region, including Virginia, Maryland, West Virginia, and Washington D.C. The three-year project is expected to begin in October with the identification of suitable electric vehicle (EV) charging locations designed to encourage the adoption of EVs.

Last quarter, Blink Charging Co. reported revenue that rose 125% to $1.29 million, beating consensus estimates by $100,000, and a GAAP earnings per share (EPS) loss of 11 cents per share, missing consensus estimates by two cents per share. The company continues to sign contracts for new charging stations with cities such as Portland and private companies such as Envoy Technologies.

Blink Charging Co.'s gains come amid a wider rally across electric vehicle stocks, including Tesla, Inc. (TSLA), Nikola Corporation (NKLA), and NIO Inc. (NIO), among others. While much of these gains have been attributed to speculation, China recently set the ambitious goal to reach 25% of auto sales being electric by 2025, which compares to just 5% of its current auto sales.

Chart showing the share price performance of Blink Charging Co. (BLNK)
TrendSpider

From a technical standpoint, Blink Charging Co. stock moved sharply higher toward its prior highs of $8.50 during Wednesday's session. The relative strength index (RSI) rose toward overbought levels with a reading of 66.3, but the moving average convergence divergence (MACD) could see a near-term bullish crossover. These indicators suggest that the stock could see some consolidation before a move higher.

Traders should be watching for consolidation below prior highs of $8.50 over the coming sessions. If the stock moves lower, traders should watch for support near Fibonacci levels of $6.17 or prior lows of $5.00. If the stock breaks out higher, traders could see a move toward fresh all-time highs.

The author holds no position in the stock(s) mentioned except through passively managed index funds.