Beam Global (NASDAQ:BEEM) Sees Significant Drop in Short Interest

Beam Global (NASDAQ:BEEM) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totaling 1,611,671 shares, a decline of 17.7% from the March 15th total of 1,958,206 shares. Based on an average daily volume of 152,049 shares, the days-to-cover ratio is currently 10.6 days. Currently, 9.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BEEM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Global in a research report on Wednesday, January 21st. Wall Street Zen upgraded Beam Global from a “strong sell” rating to a “hold” rating in a research report on Saturday, April 11th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.00.

Hedge Funds Weigh In On Beam Global

Several hedge funds have recently made changes to their positions in the business. Quadrature Capital Ltd bought a new position in Beam Global in the fourth quarter worth about $61,000. Green Alpha Advisors LLC raised its stake in Beam Global by 143.3% in the fourth quarter. Green Alpha Advisors LLC now owns 47,374 shares of the company’s stock worth $71,000 after buying an additional 27,903 shares in the last quarter. Virtue Capital Management LLC raised its stake in Beam Global by 1,339.7% in the fourth quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock worth $81,000 after buying an additional 46,527 shares in the last quarter. State Street Corp raised its stake in 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 buying an additional 8,700 shares in the last quarter. Finally, Two Sigma Investments LP bought a new position in Beam Global in the third quarter worth about $102,000. 26.59% of the stock is owned by hedge funds and other institutional investors.

Beam Global Price Performance

BEEM opened at $1.52 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.93 and a current ratio of 1.74. Beam Global has a 52-week low of $1.33 and a 52-week high of $4.04. The stock has a market capitalization of $32.13 million, a PE ratio of -0.91 and a beta of 1.32. The stock’s 50 day moving average price is $1.50 and its 200-day moving average price is $1.90.

Beam Global (NASDAQ:BEEM) last posted its earnings results on Wednesday, April 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.13. Beam Global had a negative return on equity of 61.84% and a negative net margin of 95.63%.The firm had revenue of $9.05 million for the quarter, compared to analysts’ expectations of $6.17 million. On average, equities research analysts predict that Beam Global will post -0.67 EPS for the current year.

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.