Short Interest in Beam Global (NASDAQ:BEEM) Drops By 9.5%

Beam Global (NASDAQ:BEEM) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,330,000 shares, a decrease of 9.5% from the October 15th total of 1,470,000 shares. Based on an average daily trading volume, of 91,500 shares, the days-to-cover ratio is presently 14.5 days.

Beam Global Stock Up 2.6 %

Shares of BEEM stock opened at $4.35 on Tuesday. The stock’s 50-day moving average is $4.86 and its 200 day moving average is $5.39. Beam Global has a 1-year low of $3.89 and a 1-year high of $8.48.

Analysts Set New Price Targets

Several research firms recently weighed in on BEEM. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Beam Global in a report on Wednesday, August 14th. Needham & Company LLC restated a “hold” rating on shares of Beam Global in a report on Monday. Finally, B. Riley lowered their price target on shares of Beam Global from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BEEM. Vanguard Group Inc. grew its stake in Beam Global by 21.0% during the 1st quarter. Vanguard Group Inc. now owns 618,676 shares of the company’s stock worth $4,207,000 after buying an additional 107,200 shares during the last quarter. AWM Investment Company Inc. increased its holdings in shares of Beam Global by 8.4% during the first quarter. AWM Investment Company Inc. now owns 983,535 shares of the company’s stock valued at $6,688,000 after acquiring an additional 76,301 shares in the last quarter. Tidal Investments LLC acquired a new position in Beam Global during the 1st quarter valued at approximately $284,000. Calton & Associates Inc. acquired a new stake in shares of Beam Global during the third quarter worth $93,000. Finally, XTX Topco Ltd purchased a new stake in shares of Beam Global during the second quarter valued at $48,000. Institutional investors own 26.59% of the company’s stock.

Beam Global Company Profile

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.