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Beam Global (BEEM) Surges 9.8%: Is This an Indication of Further Gains?
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Beam Global (BEEM - Free Report) shares ended the last trading session 9.8% higher at $11.51. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3% loss over the past four weeks.
Beam Global shares surged yesterday amid growing enthusiasm among investors for the electric vehicle (EV) market. As EV penetration continues to expand, the demand for charging stations is expected to rise significantly. Beam Global is well positioned in this sector as a provider of sustainable charging infrastructure solutions. Additionally, Beam Global's positive outlook and expected financial performance are likely to have influenced the market's perception of the company. Beam Global expects to report record-breaking quarterly revenue between $15.5 million and $17.0 million for the quarter ending June 30, 2023, indicates strong growth and potential profitability. This optimistic forecast has likely generated confidence among investors.
This company is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -25%. Revenues are expected to be $16.08 million, up 332.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Beam Global, the consensus EPS estimate for the quarter has been revised 6.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BEEM going forward to see if this recent jump can turn into more strength down the road.
Beam Global is a member of the Zacks Automotive - Original Equipment industry. One other stock in the same industry, Modine (MOD - Free Report) , finished the last trading session 3.6% higher at $36.67. MOD has returned 10.8% over the past month.
Modine's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.43. Compared to the company's year-ago EPS, this represents a change of +34.4%. Modine currently boasts a Zacks Rank of #3 (Hold).
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Beam Global (BEEM) Surges 9.8%: Is This an Indication of Further Gains?
Beam Global (BEEM - Free Report) shares ended the last trading session 9.8% higher at $11.51. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3% loss over the past four weeks.
Beam Global shares surged yesterday amid growing enthusiasm among investors for the electric vehicle (EV) market. As EV penetration continues to expand, the demand for charging stations is expected to rise significantly. Beam Global is well positioned in this sector as a provider of sustainable charging infrastructure solutions. Additionally, Beam Global's positive outlook and expected financial performance are likely to have influenced the market's perception of the company. Beam Global expects to report record-breaking quarterly revenue between $15.5 million and $17.0 million for the quarter ending June 30, 2023, indicates strong growth and potential profitability. This optimistic forecast has likely generated confidence among investors.
This company is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -25%. Revenues are expected to be $16.08 million, up 332.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Beam Global, the consensus EPS estimate for the quarter has been revised 6.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BEEM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Beam Global is a member of the Zacks Automotive - Original Equipment industry. One other stock in the same industry, Modine (MOD - Free Report) , finished the last trading session 3.6% higher at $36.67. MOD has returned 10.8% over the past month.
Modine's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.43. Compared to the company's year-ago EPS, this represents a change of +34.4%. Modine currently boasts a Zacks Rank of #3 (Hold).