Beam Global (NASDAQ:BEEM) Shares Down 2.7% – Here’s Why

Shares of Beam Global (NASDAQ:BEEM) dropped 2.7% on Monday . The company traded as low as $2.38 and last traded at $2.49. Approximately 179,898 shares changed hands during trading, a decline of 22% from the average daily volume of 230,361 shares. The stock had previously closed at $2.56.

Wall Street Analysts Forecast Growth

BEEM has been the topic of a number of recent research reports. HC Wainwright cut their target price on Beam Global from $30.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Beam Global in a research note on Monday, November 18th.

Beam Global Price Performance

The firm has a 50-day moving average of $3.02 and a 200-day moving average of $4.26. The stock has a market cap of $36.78 million, a PE ratio of -2.57 and a beta of 0.85.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BEEM. XTX Topco Ltd raised its position in shares of Beam Global by 96.3% during the 3rd quarter. XTX Topco Ltd now owns 20,332 shares of the company’s stock valued at $100,000 after buying an additional 9,975 shares in the last quarter. Green Alpha Advisors LLC raised its position in Beam Global by 28.1% during the fourth quarter. Green Alpha Advisors LLC now owns 59,982 shares of the company’s stock valued at $190,000 after purchasing an additional 13,162 shares during the period. Calton & Associates Inc. bought a new stake in shares of Beam Global in the 3rd quarter valued at approximately $93,000. Virtue Capital Management LLC purchased a new position in shares of Beam Global in the 3rd quarter worth approximately $49,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Beam Global during the 3rd quarter valued at approximately $25,000. Hedge funds and other institutional investors own 26.59% of the company’s stock.

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.