Beam Global (NASDAQ:BEEM) Announces Earnings Results, Beats Expectations By $0.06 EPS

Beam Global (NASDAQ:BEEM) released its quarterly earnings results on Wednesday. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06, FiscalAI reports. Beam Global had a negative net margin of 73.22% and a negative return on equity of 73.50%. The company had revenue of $8.56 million for the quarter, compared to the consensus estimate of $8.19 million.

Beam Global Trading Up 5.2%

Shares of BEEM stock traded up $0.06 during trading hours on Wednesday, reaching $1.21. 6,896,886 shares of the stock were exchanged, compared to its average volume of 1,263,550. The firm has a market capitalization of $26.86 million, a price-to-earnings ratio of -1.26 and a beta of 1.43. Beam Global has a 12-month low of $0.97 and a 12-month high of $4.04. The company’s 50-day moving average price is $1.16 and its 200-day moving average price is $1.42. The company has a current ratio of 1.47, a quick ratio of 0.67 and a debt-to-equity ratio of 0.01.

Institutional Trading of Beam Global

Several institutional investors have recently added to or reduced their stakes in BEEM. State Street Corp grew its stake in shares of Beam Global by 17.6% during the fourth quarter. State Street Corp now owns 58,228 shares of the company’s stock valued at $87,000 after buying an additional 8,700 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Beam Global by 268.0% during the 4th quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock worth $186,000 after acquiring an additional 90,300 shares during the last quarter. Two Sigma Investments LP purchased a new position in Beam Global during the 3rd quarter valued at $102,000. Vanguard Group Inc. boosted its holdings in Beam Global by 8.8% during the 3rd quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock valued at $1,903,000 after acquiring an additional 53,640 shares during the period. Finally, Virtue Capital Management LLC grew its position in Beam Global by 1,339.7% in the 4th quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock valued at $81,000 after acquiring an additional 46,527 shares during the last quarter. Institutional investors own 26.59% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Beam Global from a “sell” rating to a “strong sell” rating in a report on Sunday. Freedom Capital raised Beam Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Weiss Ratings cut Beam Global from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Finally, Zacks Research downgraded Beam Global from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold”.

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.