Beam Global (NASDAQ:BEEM) Upgraded at Zacks Investment Research

Beam Global (NASDAQ:BEEM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $31.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.51% from the company’s previous close.

According to Zacks, “Beam Global produces patented infrastructure products for the electrification of transportation. It produces products for electric vehicle charging, outdoor media and energy security. Beam Global, formerly known as Envision Solar, is based in San Diego California. “

Separately, BTIG Research reiterated a “buy” rating and issued a $42.00 price target on shares of Beam Global in a report on Sunday, November 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $38.80.

NASDAQ BEEM traded down $0.28 during trading hours on Thursday, hitting $27.80. 122,310 shares of the company’s stock were exchanged, compared to its average volume of 374,796. The stock has a 50-day simple moving average of $30.03 and a 200 day simple moving average of $30.37. Beam Global has a 1-year low of $20.68 and a 1-year high of $75.90. The firm has a market cap of $248.78 million, a price-to-earnings ratio of -32.71 and a beta of -0.07.

Beam Global (NASDAQ:BEEM) last released its earnings results on Thursday, November 11th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.03. Beam Global had a negative return on equity of 23.76% and a negative net margin of 89.69%. During the same quarter in the previous year, the company earned ($0.17) earnings per share. As a group, equities research analysts forecast that Beam Global will post -0.72 EPS for the current year.

In other news, CEO Desmond C. Wheatley sold 1,400 shares of the firm’s stock in a transaction that occurred on Friday, October 8th. The stock was sold at an average price of $26.16, for a total value of $36,624.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.85% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of BEEM. Ameritas Investment Partners Inc. bought a new stake in Beam Global during the second quarter worth $26,000. Citigroup Inc. lifted its holdings in Beam Global by 147.4% during the third quarter. Citigroup Inc. now owns 1,034 shares of the company’s stock worth $28,000 after acquiring an additional 616 shares during the period. Legal & General Group Plc bought a new stake in Beam Global during the second quarter worth $34,000. Edmond DE Rothschild Holding S.A. bought a new stake in Beam Global during the third quarter worth $51,000. Finally, Metropolitan Life Insurance Co NY bought a new stake in Beam Global during the third quarter worth $66,000. Institutional investors and hedge funds own 60.76% of the company’s stock.

About Beam Global

Beam Global engages in the invention, design, engineering, manufacture, and sale of solar powered products. It offers solar powered products and proprietary technology solutions for electric vehicle charging infrastructure, out of home advertising platforms, and energy security and disaster preparedness.

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