HC Wainwright Lowers Beam Global (NASDAQ:BEEM) Price Target to $8.00

Beam Global (NASDAQ:BEEM) had its target price lowered by stock analysts at HC Wainwright from $30.00 to $8.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 97.04% from the company’s current price.

A number of other analysts also recently commented on BEEM. B. Riley dropped their target price on shares of Beam Global from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Needham & Company LLC restated a “hold” rating on shares of Beam Global in a report on Monday.

Beam Global Stock Performance

Shares of BEEM opened at $4.06 on Tuesday. Beam Global has a 1 year low of $3.82 and a 1 year high of $8.48. The company has a market cap of $59.98 million, a price-to-earnings ratio of -4.19 and a beta of 0.87. The firm has a fifty day moving average of $4.82 and a 200-day moving average of $5.36.

Hedge Funds Weigh In On Beam Global

Several institutional investors have recently bought and sold shares of BEEM. Vanguard Group Inc. boosted its stake in Beam Global by 21.0% during the 1st quarter. Vanguard Group Inc. now owns 618,676 shares of the company’s stock worth $4,207,000 after acquiring an additional 107,200 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Beam Global during the 1st quarter worth about $284,000. Oak Family Advisors LLC boosted its position in Beam Global by 11.0% during the second quarter. Oak Family Advisors LLC now owns 52,288 shares of the company’s stock valued at $241,000 after purchasing an additional 5,181 shares during the last quarter. Green Alpha Advisors LLC boosted its holdings in shares of Beam Global by 16.1% in the 3rd quarter. Green Alpha Advisors LLC now owns 46,820 shares of the company’s stock valued at $230,000 after buying an additional 6,500 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Beam Global in the second quarter valued at $48,000. Institutional investors own 26.59% of the company’s stock.

About Beam Global

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.