Beam Global (NASDAQ:BEEM) Cut to Hold at Freedom Broker

Freedom Broker cut shares of Beam Global (NASDAQ:BEEM) from a buy rating to a hold rating in a report published on Tuesday morning, MarketBeat.com reports. They currently have $1.50 price objective on the stock.

A number of other equities analysts have also issued reports on the stock. Weiss Ratings lowered shares of Beam Global from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Freedom Capital raised shares of Beam Global from a “hold” rating to a “strong-buy” rating in a report on Friday, July 17th. Wall Street Zen upgraded shares of Beam Global from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, Zacks Research cut shares of Beam Global from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $1.50.

Beam Global Stock Down 8.8%

Shares of NASDAQ:BEEM opened at $1.56 on Tuesday. Beam Global has a 52-week low of $0.97 and a 52-week high of $4.04. The stock has a market cap of $35.30 million, a price-to-earnings ratio of -1.90 and a beta of 1.43. The business has a 50-day moving average price of $1.20 and a 200-day moving average price of $1.41.

Beam Global (NASDAQ:BEEM) last released its earnings results on Wednesday, August 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $8.56 million during the quarter, compared to the consensus estimate of $8.19 million. Beam Global had a negative return on equity of 73.59% and a negative net margin of 64.60%. As a group, equities analysts anticipate that Beam Global will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Beam Global by 8.8% in the third quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock valued at $1,903,000 after acquiring an additional 53,640 shares during the period. Two Sigma Investments LP purchased a new stake in Beam Global in the 3rd quarter worth approximately $102,000. T3 Companies LLC acquired a new stake in shares of Beam Global during the 4th quarter worth approximately $165,000. Renaissance Technologies LLC grew its stake in shares of Beam Global by 268.0% during the 4th quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock worth $186,000 after purchasing an additional 90,300 shares during the period. Finally, State Street Corp increased its holdings in shares of Beam Global by 17.6% during the 4th quarter. State Street Corp now owns 58,228 shares of the company’s stock valued at $87,000 after purchasing an additional 8,700 shares in the last quarter. 26.59% of the stock is currently owned by hedge funds and other institutional investors.

About Beam Global

Beam Global (NASDAQ:BEEM) is a developer of solar-powered infrastructure solutions designed to support the transition to clean energy and electric transportation. Headquartered in California, the company specializes in producing off-grid EV charging units, solar canopy systems and energy storage solutions that can be rapidly deployed in urban, rural and remote environments. By integrating photovoltaic panels with battery storage and charging hardware, Beam Global’s products aim to reduce reliance on grid power and lower carbon emissions at charging locations.

The company’s flagship product, EV ARC, is a standalone, solar-powered electric vehicle fast-charging kiosk that requires no construction, trenching or utility upgrades.