- Maxim analyst Tate Sullivan lowered the price target for Beam Global BEEM to $40 (an upside of 129%) from $50 while maintaining the Buy rating on the shares.
- The analyst notes that BEEM's revenue increased 76%, and the backlog grew to $10 million. Meanwhile, he reduced the price target reflecting a longer potential timeline for larger orders, including a sponsorship agreement.
- However, citing the stock's 10-times enterprise value to projected revenue multiple, Sullivan continues to be bullish on the stock.
- BEEM recently reported its second-quarter results, with a revenue increase of 75% year-over-year to $3.7 million, missing the consensus of $3.83 million.
- EPS for the quarter was $(0.28), missing the consensus of $(0.21).
- As of June 30, 2022, Beam Global held cash of $13.8 million. Sales orders grew to a backlog of over $10 million, and the sales pipeline to a new record of $122 million.
- Price Action: BEEM shares are trading lower by 2.08% at $17.46 on the last check Monday.
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