Stock of EV solutions provider Beam Global rises 25% over past week

Shares of Beam Global, a provider of infrastructure solutions for the electrification of transportation and energy security, are up more than 25% since July 2. The company reported “record orders” in the second quarter of 2024 and a million-dollar contract to supply its autonomous EV charging system in Europe.

Details

Quotes on Beam Global shares have climbed for three straight trading sessions since last Tuesday (recall that July 4 was a holiday in the US). For the short week, Beam rose almost 26%, closing at $5.5 per share on Friday, July 5. The gains continued in after-hours trading on Monday. Still, the company’s stock has dropped more than 22% since the beginning of the year.

On July 2, Beam announced that it had received orders worth $10.6 million in the second quarter of 2024, up 128% year-over-year. The company’s product portfolio includes batteries, EV ARC systems (solar-powered, off-grid EV charging systems), and transport trailers. Among its customers are both commercial and government entities. In the second quarter of 2024, Beam expanded existing government contracts and secured new ones, the company reported. The commercial business, meanwhile, grew 66% compared to the same period last year. The company highlighted that more than half of the orders in the US were placed by new customers.

In Europe, Beam has received its first million-dollar order for its EV ARC charging systems. According to CEO Desmond Wheatley, it took the company less than five months to achieve this milestone, compared to the five years it took in the US. 

Analyst insights

According to MarketWatch, five analysts cover Beam Global. There are four buy recommendations and one hold. The average target price is $16.6 per share, indicating upside of almost 195% from the July 5 close.