Beam Global (NASDAQ:BEEM) Coverage Initiated at B. Riley

B. Riley started coverage on shares of Beam Global (NASDAQ:BEEMGet Rating) in a research note published on Friday morning, The Fly reports. The firm issued a buy rating and a $23.00 target price on the stock.

Separately, BTIG Research lowered their target price on shares of Beam Global from $42.00 to $25.00 in a report on Thursday, May 26th.

BEEM opened at $13.60 on Friday. The company’s fifty day moving average price is $16.98 and its two-hundred day moving average price is $16.97. Beam Global has a 1-year low of $10.19 and a 1-year high of $41.05. The company has a market cap of $137.09 million, a price-to-earnings ratio of -16.39 and a beta of 0.41.

Beam Global (NASDAQ:BEEMGet Rating) last announced its earnings results on Tuesday, May 24th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Beam Global had a negative net margin of 66.88% and a negative return on equity of 25.18%. On average, analysts forecast that Beam Global will post -0.66 earnings per share for the current year.

In related news, CEO Desmond C. Wheatley sold 1,500 shares of the stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $22.33, for a total transaction of $33,495.00. Following the completion of the transaction, the chief executive officer now owns 74,422 shares in the company, valued at $1,661,843.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.85% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its position in Beam Global by 110.1% during the first quarter. Goldman Sachs Group Inc. now owns 87,152 shares of the company’s stock worth $1,782,000 after purchasing an additional 45,665 shares during the period. State Street Corp boosted its position in Beam Global by 5.0% during the first quarter. State Street Corp now owns 317,710 shares of the company’s stock worth $6,497,000 after purchasing an additional 15,178 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Beam Global by 5.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 23,011 shares of the company’s stock worth $471,000 after purchasing an additional 1,205 shares during the period. Cetera Investment Advisers bought a new position in Beam Global during the first quarter worth about $436,000. Finally, BlackRock Inc. boosted its position in Beam Global by 3.4% during the first quarter. BlackRock Inc. now owns 561,382 shares of the company’s stock worth $11,480,000 after purchasing an additional 18,648 shares during the period. Hedge funds and other institutional investors own 35.04% of the company’s stock.

Beam Global Company Profile (Get Rating)

Beam Global, a cleantech company, designs, develops, engineers, manufactures, and sells renewably energized products for electric vehicle (EV) charging infrastructure, outdoor media and branding, and energy security products. The company's product portfolio include 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.

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