5 Meme Stocks Redditors are Buying in April

4. Blink Charging Co. (NASDAQ:BLNK)

Number of Hedge Fund Holders: 11

Blink Charging Co. (NASDAQ:BLNK) provides electric vehicle charging equipment and related infrastructure. The stock has gained prominence on Reddit based on strong EV demand and the accompanying usage of charging stations. However, the recurring revenue stream for the company still remains below $2 million per quarter, indicating that the supply is far exceeding the demand for EV charging. For most EV charging firms, selling charging stations, instead of charging equipment, on low margins is the only viable option for strong growth. 

On March 15, Stifel analyst Stephen Gengaro kept a Hold rating on Blink Charging Co. (NASDAQ:BLNK) stock and lowered the price target to $30 from $39, noting that the cash flow trends for the firm were not positive in the near-term. 

At the end of the fourth quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $8.8 million in Blink Charging Co. (NASDAQ:BLNK), compared to 6 in the previous quarter worth $4.3 million.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Blink Charging Co. (NASDAQ:BLNK) with 671,600 shares worth more than $17 million.