Beam Global (NASDAQ:BEEM) Price Target Cut to $15.00

Beam Global (NASDAQ:BEEM) had its target price reduced by B. Riley from $18.00 to $15.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on BEEM. Needham & Company LLC restated a hold rating on shares of Beam Global in a report on Thursday. HC Wainwright restated a buy rating and issued a $30.00 price objective on shares of Beam Global in a report on Thursday.

Beam Global Stock Performance

Shares of BEEM stock opened at $6.40 on Thursday. The company has a 50 day moving average price of $6.79 and a 200 day moving average price of $6.49. Beam Global has a fifty-two week low of $5.00 and a fifty-two week high of $13.66.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Beam Global by 2,800.0% during the 1st quarter. FMR LLC now owns 2,001 shares of the company’s stock worth $32,000 after acquiring an additional 1,932 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Beam Global by 960.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,902 shares of the company’s stock worth $40,000 after acquiring an additional 3,534 shares in the last quarter. Citigroup Inc. grew its holdings in Beam Global by 56.6% during the 1st quarter. Citigroup Inc. now owns 5,171 shares of the company’s stock worth $106,000 after acquiring an additional 1,869 shares in the last quarter. Advisor Group Holdings Inc. boosted its holdings in shares of Beam Global by 117.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,345 shares of the company’s stock valued at $108,000 after buying an additional 2,882 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Beam Global in the 2nd quarter valued at $67,000. Institutional investors and hedge funds own 26.59% of the company’s stock.

Beam Global Company Profile

Beam Global, a cleantech company, designs, develops, engineers, manufactures, and sells renewably energized infrastructure products for electric vehicle (EV) charging infrastructure, energy storage, energy security, disaster preparedness, and outdoor media advertising. The company's product portfolio includes EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide a source of power for factory installed electric vehicle charging stations; Solar Tree DCFC, an off-grid, renewably energized, and single-column mounted smart generation and energy storage system to provide a 50kW DC fast charge to one or more electric vehicles or larger vehicles; and EV ARC DCFC, a DC fast charging system for charging EVs.