Beam Global (NASDAQ:BEEM) Sees Large Decrease in Short Interest

Beam Global (NASDAQ:BEEM) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totaling 1,611,671 shares, a decline of 17.7% from the March 15th total of 1,958,206 shares. Based on an average trading volume of 152,049 shares, the days-to-cover ratio is presently 10.6 days. Currently, 9.0% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Beam Global by 8.8% during the third quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock valued at $1,903,000 after purchasing an additional 53,640 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Beam Global by 268.0% during the fourth quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $186,000 after purchasing an additional 90,300 shares in the last quarter. T3 Companies LLC bought a new position in shares of Beam Global during the fourth quarter valued at $165,000. State Street Corp lifted its holdings 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 purchasing an additional 8,700 shares in the last quarter. Finally, Virtue Capital Management LLC lifted its holdings in shares of Beam Global by 1,339.7% during the fourth quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock valued at $81,000 after purchasing an additional 46,527 shares in the last quarter. 26.59% of the stock is owned by institutional investors.

Beam Global Stock Down 2.3%

Beam Global stock traded down $0.04 during mid-day trading on Thursday, hitting $1.51. The company had a trading volume of 136,546 shares, compared to its average volume of 1,220,455. The company has a market capitalization of $31.82 million, a PE ratio of -0.90 and a beta of 1.32. The company has a current ratio of 1.74, a quick ratio of 0.93 and a debt-to-equity ratio of 0.01. Beam Global has a 12 month low of $1.33 and a 12 month high of $4.04. The stock’s 50 day moving average price is $1.49 and its two-hundred day moving average price is $1.91.

Beam Global (NASDAQ:BEEM) last announced its quarterly earnings results on Wednesday, April 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.13. The firm had revenue of $9.05 million for the quarter, compared to the consensus estimate of $6.17 million. Beam Global had a negative return on equity of 61.84% and a negative net margin of 95.63%. As a group, sell-side analysts anticipate that Beam Global will post -0.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on BEEM. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Global in a report on Wednesday, January 21st. Wall Street Zen raised Beam Global from a “strong sell” rating to a “hold” rating in a report on Saturday, April 11th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $4.00.

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.