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

Beam Global (NASDAQ:BEEM) had its price target dropped by equities research analysts at B. Riley from $18.00 to $15.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price would suggest a potential upside of 144.30% from the company’s previous close.

A number of other research analysts also recently issued reports on BEEM. Needham & Company LLC restated a “hold” rating on shares of Beam Global in a research report on Thursday. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Beam Global in a research report on Thursday.

Beam Global Price Performance

NASDAQ:BEEM opened at $6.14 on Thursday. The firm’s 50 day simple moving average is $6.77 and its 200 day simple moving average is $6.49. Beam Global has a one year low of $5.00 and a one year high of $13.66. The company has a market cap of $88.66 million, a PE ratio of -4.18 and a beta of 0.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BEEM. Advisor Group Holdings Inc. increased its stake in shares of Beam Global by 117.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,345 shares of the company’s stock valued at $108,000 after acquiring an additional 2,882 shares in the last quarter. Citigroup Inc. increased its stake in shares of Beam Global by 56.6% in the 1st quarter. Citigroup Inc. now owns 5,171 shares of the company’s stock valued at $106,000 after acquiring an additional 1,869 shares in the last quarter. BlackRock Inc. increased its stake in shares of Beam Global by 3.4% in the 1st quarter. BlackRock Inc. now owns 561,382 shares of the company’s stock valued at $11,480,000 after acquiring an additional 18,648 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Beam Global in the 1st quarter valued at $436,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Beam Global by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 23,011 shares of the company’s stock valued at $471,000 after acquiring an additional 1,205 shares in the last quarter. Institutional investors and hedge funds 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.