Blink Charging (NASDAQ:BLNK) stock is up more than 5% after Ken Griffin’s Citadel Advisors disclosed purchasing shares of the company. Griffin disclosed ownership of 610,671 shares through a regulatory filing, equivalent to a 0.9% ownership stake.
Citadel carries an average holding period of 19.11 quarters, or almost five years, for stocks in its 13F portfolio. As a result, shareholders could estimate that the fund plans on holding BLNK stock for the long haul.
At the same time, BLNK shareholders shouldn’t get overly excited. As of the third quarter, Citadel held a position in 5,791 stocks with an assets under management (AUM) of over $90 billion. Based on the current price of BLNK and Citadel’s third quarter AUM, Citadel’s portfolio allocation toward the company is less than 0.0001%.
BLNK Stock: Ken Griffin Discloses Stake
Griffin isn’t the only one who has recently picked up shares of the electric vehicle (EV) charging company. It’s top shareholders are BlackRock (NYSE:BLK), Vanguard and State Street (NYSE:STT), all of which increased their stakes during the third quarter. In fact, the eight largest shareholders of BLNK all reported increasing their stakes during Q3. In total, 13F filers own 25 million shares of Blink, up by 11.81% when compared to Q2 ownership of 22.36 million shares. That certainly signals healthy institutional investor interest.
During the third quarter, Blink reported revenue of $43.4 million, up by 152% year-over-year (YOY). Gross profit tallied in at $12.8 million, up by 167%, while gross margin grew to 29.5% from 27.7% in Q3 2022. Additionally, the company raised its 2023 revenue guidance to between $128 million and $133 million, up from the prior guidance of between $110 million and $120 million. Blink expects a positive adjusted EBITDA run rate by December 2024.
In late November, Blink announced that Mack Trucks’ Vendor Direct Ship and Turnkey Solutions programs had selected it as the provider of “full-service EV infrastructure” services. The partnership will help Mack electrify its fleet while optimizing infrastructure needs in a cost-efficient manner.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
