Beam Global (NASDAQ:BEEM) Short Interest Down 9.5% in October

Beam Global (NASDAQ:BEEM) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 1,330,000 shares, a drop 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 short-interest ratio is currently 14.5 days.

Analyst Ratings Changes

Several analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Beam Global in a report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Beam Global in a research note on Monday. Finally, B. Riley cut their target price on shares of Beam Global from $11.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 14th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Beam Global by 21.0% in the 1st quarter. Vanguard Group Inc. now owns 618,676 shares of the company’s stock valued at $4,207,000 after buying an additional 107,200 shares during the period. AWM Investment Company Inc. raised its position in Beam Global by 8.4% in the first quarter. AWM Investment Company Inc. now owns 983,535 shares of the company’s stock valued at $6,688,000 after purchasing an additional 76,301 shares during the period. Tidal Investments LLC acquired a new position in Beam Global during the first quarter worth $284,000. Oak Family Advisors LLC grew its stake in shares of Beam Global by 11.0% in the second quarter. Oak Family Advisors LLC now owns 52,288 shares of the company’s stock valued at $241,000 after buying an additional 5,181 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Beam Global in the 2nd quarter valued at $48,000. 26.59% of the stock is currently owned by hedge funds and other institutional investors.

Beam Global Price Performance

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

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.