Beam Global (NASDAQ:BEEM) Shares Down 4.6% – Here’s What Happened

Beam Global (NASDAQ:BEEM)’s share price fell 4.6% on Tuesday . The company traded as low as $2.83 and last traded at $2.88. 384,852 shares changed hands during mid-day trading, an increase of 181% from the average session volume of 136,933 shares. The stock had previously closed at $3.02.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BEEM shares. 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 report on Tuesday, November 19th. B. Riley dropped their price target on Beam Global from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Beam Global in a research report on Monday, November 18th.

Beam Global Stock Performance

The stock has a market cap of $42.55 million, a price-to-earnings ratio of -2.97 and a beta of 0.80. The company has a 50-day moving average of $4.43 and a 200-day moving average of $5.12.

Institutional Investors Weigh In On Beam Global

A number of institutional investors have recently added to or reduced their stakes in BEEM. Vanguard Group Inc. boosted its holdings in Beam Global by 21.0% in the 1st quarter. Vanguard Group Inc. now owns 618,676 shares of the company’s stock valued at $4,207,000 after purchasing an additional 107,200 shares in the last quarter. Calton & Associates Inc. purchased a new stake in Beam Global in the 3rd quarter valued at approximately $93,000. XTX Topco Ltd purchased a new stake in Beam Global in the 2nd quarter valued at approximately $48,000. Virtue Capital Management LLC purchased a new stake in shares of Beam Global during the 3rd quarter worth approximately $49,000. Finally, Green Alpha Advisors LLC boosted its stake in shares of Beam Global by 16.1% during the 3rd quarter. Green Alpha Advisors LLC now owns 46,820 shares of the company’s stock worth $230,000 after acquiring an additional 6,500 shares in the last quarter. Hedge funds and other 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.