Beam Global (NASDAQ:BEEM) Trading Down 6.6% – Here’s Why

Beam Global (NASDAQ:BEEM) was down 6.6% during trading on Monday . The stock traded as low as $3.02 and last traded at $3.12. Approximately 233,997 shares traded hands during trading, a decline of 13% from the average daily volume of 270,214 shares. The stock had previously closed at $3.34.

Analyst Ratings Changes

A number of research analysts have weighed in on BEEM shares. HC Wainwright dropped their price objective on shares of 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 restated a “hold” rating on shares of Beam Global in a research report on Monday, November 18th.

Beam Global Stock Down 6.6 %

The stock has a market cap of $46.09 million, a PE ratio of -3.22 and a beta of 0.84. The firm has a 50-day simple moving average of $3.58 and a 200-day simple moving average of $4.68.

Institutional Investors Weigh In On Beam Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Calton & Associates Inc. purchased a new position in shares of Beam Global in the 3rd quarter worth about $93,000. Green Alpha Advisors LLC grew its stake in shares of 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 buying an additional 13,162 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Beam Global in the second quarter worth about $48,000. Virtue Capital Management LLC bought a new stake in shares of Beam Global in the 3rd quarter valued at about $49,000. Finally, Capital Performance Advisors LLP purchased a new stake in Beam Global during the 3rd quarter valued at about $25,000. 26.59% of the stock is 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.