Shark Bites: Beam Me Up With This EV Charging Stock
The competition is heating up in the electric vehicle space and the ultimate winners are hard to know, but one certainty is that no matter what company does dominate the space, there will still be a need for ways to charge EV batteries. Battery charging needs are growing quickly and so far there are very limited ways to play that need in the market.
At the top of the list is Beam Global (BEEM) . The company changed its name Tuesday from Envision Solar and is now trading under the new symbol BEEM.
While Beam is still at a very early phase in its development it has released a new version of its flagship product called EV ARC 2020, which generates and supplies electricity to EV chargers without the need for construction, electric work, or a grid connection. It is also developing a variety of other products that it plans to roll out soon.
On Aug. 25, BTIG initiated coverage on the stock with a buy and a $25 price target. It noted that the production run-rate of its chargers should be 2000 units annually by late 2022.
On Sept. 3, H. C. Wainwright initiated coverage with a buy and a $30 target. The analyst noted that BEEM is benefiting from a “significant tailwind” associated with the ongoing electrification across the transportation sector.