Beam Global (NASDAQ:BEEM) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Beam Global (NASDAQ:BEEM) from a hold rating to a sell rating in a report released on Tuesday morning,Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the stock. Freedom Capital raised shares of Beam Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. Weiss Ratings raised shares of Beam Global from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Freedom Broker lowered shares of Beam Global from a “buy” rating to a “hold” rating and set a $1.50 price objective for the company. in a report on Tuesday, August 25th. Finally, Zacks Research lowered shares of Beam Global from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 29th. One 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $1.50.

Beam Global Stock Up 1.4%

Shares of Beam Global stock opened at $1.42 on Tuesday. The company has a market cap of $32.13 million, a PE ratio of -1.73 and a beta of 1.48. The business has a 50 day moving average of $1.21 and a 200 day moving average of $1.41. Beam Global has a 52 week low of $0.97 and a 52 week high of $4.04.

Beam Global (NASDAQ:BEEM) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $8.56 million for the quarter, compared to analysts’ expectations of $8.19 million. Beam Global had a negative net margin of 64.60% and a negative return on equity of 73.59%. On average, research analysts anticipate that Beam Global will post -0.77 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of Beam Global by 17.6% in the fourth quarter. State Street Corp now owns 58,228 shares of the company’s stock worth $87,000 after acquiring an additional 8,700 shares during the last quarter. R Squared Ltd bought a new position in shares of Beam Global during the first quarter valued at $26,000. Two Sigma Investments LP bought a new position in shares of Beam Global during the third quarter valued at $102,000. Green Alpha Advisors LLC purchased a new position in shares of Beam Global in the 2nd quarter worth about $53,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Beam Global in the 4th quarter worth about $61,000. Hedge funds and other institutional investors own 26.59% of the company’s stock.

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.