Beam Global (NASDAQ:BEEM) Given New $8.00 Price Target at HC Wainwright

Beam Global (NASDAQ:BEEM) had its price target lowered by research analysts at HC Wainwright from $30.00 to $8.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 97.04% from the company’s current price.

Other analysts have also issued reports about the company. B. Riley cut their price target on Beam Global from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “hold” rating on shares of Beam Global in a report on Monday.

Beam Global Price Performance

Shares of NASDAQ:BEEM opened at $4.06 on Tuesday. The firm has a 50 day simple moving average of $4.82 and a 200 day simple moving average of $5.36. The company has a market cap of $59.98 million, a price-to-earnings ratio of -4.19 and a beta of 0.87. Beam Global has a one year low of $3.82 and a one year high of $8.48.

Hedge Funds Weigh In On Beam Global

Hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of Beam Global in the 3rd quarter worth about $25,000. XTX Topco Ltd acquired a new stake in shares of Beam Global during the 2nd quarter worth approximately $48,000. Virtue Capital Management LLC bought a new stake in shares of Beam Global in the 3rd quarter valued at $49,000. Calton & Associates Inc. bought a new position in Beam Global during the third quarter worth $93,000. Finally, Green Alpha Advisors LLC increased its stake in Beam Global by 16.1% in the third quarter. Green Alpha Advisors LLC now owns 46,820 shares of the company’s stock valued at $230,000 after purchasing an additional 6,500 shares in the last quarter. Institutional investors own 26.59% of the company’s stock.

About Beam Global

Beam Global, a clean-technology innovation company, engages in the design, development, engineering, manufacture, and sale of renewably energized infrastructure products and battery solutions. Its product portfolio includes EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide a mounting asset and 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 150kW DC fast charge to one or more electric vehicles, such as electric buses, heavy-duty vehicles, agricultural equipment, public transportation, and electric vehicles used in the construction industry; and EV ARC DCFC, a DC fast charging system for charging EVs.