Beam Global (BEEM) reported a smaller-than-expected loss in the first quarter. However, sales missed analysts’ expectations of $1.84 million. Beam Global provides sustainable technology for electric vehicle (EV) charging, outdoor media and energy security. Shares of the company fell almost 2.3% on May 24 to close at $24.89.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The company incurred a loss of $0.14 per share in Q1, compared to the $0.17 loss per share estimated by analysts.
Revenue generated in the quarter was $1.37 million, which grew 4% from the year-ago period.
Beam CEO Desmond Wheatley said, “We believe that a combination of federal, state and local spending on EV charging infrastructure, combined with an increase in workplace charging with a return to the office, post vaccine in the second half, will create a level of demand for our products we have not previously experienced.”
Wheatley further added, “An increased awareness of the importance of rapidly deployed, construction-free EV charging infrastructure, which is renewably energized and immune to blackouts, favors our differentiators and we are seeing this both from Government and enterprise. 2021 is shaping up to be an excellent year for Beam Global.” (See Beam Global stock analysis on TipRanks)
On May 21, Needham analyst Vikram Bagri initiated coverage of the stock with a Hold rating.
Bagri commented, “Traditional grid-tied EV chargers will make up the majority of EV infrastructure. However, BEEM offers a compelling value proposition to large government services organizations and/or municipalities that require flexibility, energy security, and clean energy. We anticipate a low market share for BEEM, but think that its premium product will support high margins as production reaches 1k units/year.”
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 2 Buys versus 3 Holds. The average analyst price target of $57.67 implies 131.7% upside potential to current levels. Shares have decreased 19.8% over the past six months.
TipRanks data shows that financial blogger opinions are 50% Neutral on BEEM, compared to a sector average of 69%.
Related News:
Deere Delivers Strong Q2 Results, Street Says Buy
Trinseo to Sell Synthetic Rubber Business to Synthos
Foot Locker Posts Upbeat Q1 Results; Shares Pop 2%
