Harraden Circle Investments LLC Makes New $43.40 Million Investment in Beam Global $BEEM

Harraden Circle Investments LLC acquired a new stake in shares of Beam Global (NASDAQ:BEEM) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,000,000 shares of the company’s stock, valued at approximately $43,400,000. Beam Global comprises 4.3% of Harraden Circle Investments LLC’s holdings, making the stock its 2nd largest position. Harraden Circle Investments LLC owned about 0.18% of Beam Global at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BEEM. BlackRock Inc. purchased a new stake in shares of Beam Global in the second quarter worth about $288,000. T3 Companies LLC purchased a new position in Beam Global during the fourth quarter worth approximately $165,000. Lineage Point Capital LP acquired a new stake in Beam Global in the second quarter valued at approximately $1,000,000. Renaissance Technologies LLC grew its holdings in Beam Global by 268.0% in 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 during the period. Finally, Vanguard Group Inc. increased its position in shares of Beam Global by 8.8% in the third quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock valued at $1,903,000 after buying an additional 53,640 shares in the last quarter. Institutional investors and hedge funds own 26.59% of the company’s stock.

Beam Global Trading Down 0.7%

NASDAQ:BEEM opened at $1.41 on Friday. The stock has a 50 day moving average of $1.21 and a two-hundred day moving average of $1.41. Beam Global has a 12 month low of $0.97 and a 12 month high of $4.04. The firm has a market cap of $31.91 million, a P/E ratio of -1.72 and a beta of 1.48.

Beam Global (NASDAQ:BEEM) last released its earnings results on Wednesday, August 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $8.56 million for the quarter, compared to the consensus estimate of $8.19 million. Beam Global had a negative return on equity of 73.59% and a negative net margin of 64.60%. On average, research analysts forecast that Beam Global will post -0.77 earnings per share for the current year.

Analysts Set New Price Targets

BEEM has been the subject of several research analyst reports. Weiss Ratings raised Beam Global from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 26th. Zacks Research cut shares of Beam Global from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of Beam Global from a “hold” rating to a “sell” rating in a report on Tuesday, September 1st. Freedom Capital upgraded shares of Beam Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. Finally, Freedom Broker downgraded shares of Beam Global from a “buy” rating to a “hold” rating and set a $1.50 price objective on the stock. in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Beam Global presently has a consensus rating of “Hold” and an average price target of $1.50.

Beam Global Profile

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.