B. Riley Cuts Beam Global (NASDAQ:BEEM) Price Target to $15.00

Beam Global (NASDAQ:BEEM) had its price target reduced by B. Riley from $18.00 to $15.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target would suggest a potential upside of 125.23% from the company’s previous close.

BEEM has been the topic of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Beam Global in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Beam Global in a research report on Thursday.

Beam Global Stock Performance

BEEM stock traded up $0.46 during mid-day trading on Thursday, reaching $6.66. The company had a trading volume of 106,564 shares, compared to its average volume of 113,191. The company has a market capitalization of $94.77 million, a price-to-earnings ratio of -4.53 and a beta of 0.82. The firm has a fifty day simple moving average of $6.81 and a 200 day simple moving average of $6.50. Beam Global has a fifty-two week low of $5.00 and a fifty-two week high of $13.66.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Beam Global by 2,800.0% in the 1st quarter. FMR LLC now owns 2,001 shares of the company’s stock valued at $32,000 after purchasing an additional 1,932 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Beam Global by 960.3% in the second quarter. Tower Research Capital LLC TRC now owns 3,902 shares of the company’s stock valued at $40,000 after buying an additional 3,534 shares in the last quarter. Quarry LP purchased a new stake in shares of Beam Global in the second quarter valued at approximately $67,000. Virtue Capital Management LLC purchased a new stake in shares of Beam Global in the fourth quarter valued at approximately $71,000. Finally, OLD Mission Capital LLC purchased a new stake in shares of Beam Global in the fourth quarter valued at approximately $75,000. Hedge funds and other institutional investors own 26.59% of the company’s stock.

Beam Global Company Profile

Beam Global, a cleantech company, designs, develops, engineers, manufactures, and sells renewably energized infrastructure products for electric vehicle (EV) charging infrastructure, energy storage, energy security, disaster preparedness, and outdoor media advertising. The company's product portfolio includes EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide 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 50kW DC fast charge to one or more electric vehicles or larger vehicles; and EV ARC DCFC, a DC fast charging system for charging EVs.