Maxim Group Lowers Beam Global (NASDAQ:BEEM) Price Target to $4.00

Beam Global (NASDAQ:BEEM) had its price target dropped by analysts at Maxim Group from $5.00 to $4.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price target would indicate a potential upside of 148.45% from the stock’s previous close.

Separately, Needham & Company LLC reissued a “hold” rating on shares of Beam Global in a research report on Friday.

Beam Global Price Performance

NASDAQ:BEEM traded down $0.09 during midday trading on Monday, hitting $1.61. The company’s stock had a trading volume of 58,118 shares, compared to its average volume of 172,422. Beam Global has a fifty-two week low of $1.33 and a fifty-two week high of $7.68. The firm’s 50 day moving average is $1.77 and its 200-day moving average is $2.68. The firm has a market cap of $24.95 million, a P/E ratio of -1.66 and a beta of 1.37.

Beam Global (NASDAQ:BEEM) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.16). Beam Global had a negative net margin of 19.26% and a negative return on equity of 19.09%. The company had revenue of $6.32 million during the quarter, compared to analyst estimates of $8.00 million. During the same period in the prior year, the business posted ($0.21) EPS. As a group, analysts forecast that Beam Global will post -0.67 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP purchased a new position in Beam Global in the fourth quarter valued at approximately $39,000. Shufro Rose & Co. LLC acquired a new stake in Beam Global in the first quarter valued at approximately $31,000. XTX Topco Ltd grew its position in Beam Global by 106.0% in the fourth quarter. XTX Topco Ltd now owns 41,880 shares of the company’s stock valued at $133,000 after acquiring an additional 21,548 shares in the last quarter. Virtue Capital Management LLC grew its position in Beam Global by 400.0% in the fourth quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock valued at $158,000 after acquiring an additional 40,000 shares in the last quarter. Finally, Northern Trust Corp grew its position in Beam Global by 51.6% in the fourth quarter. Northern Trust Corp now owns 54,723 shares of the company’s stock valued at $173,000 after acquiring an additional 18,628 shares in the last quarter. 26.59% of the stock is currently owned by hedge funds and other institutional investors.

Beam Global Company Profile

Beam Global, a clean-technology innovation company, engages in the design, development, engineering, manufacture, and sale of renewably energized infrastructure products and battery solutions. Its product portfolio includes EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide a mounting asset and 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 150kW DC fast charge to one or more electric vehicles, such as electric buses, heavy-duty vehicles, agricultural equipment, public transportation, and electric vehicles used in the construction industry; and EV ARC DCFC, a DC fast charging system for charging EVs.