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Beam Global (BEEM) Surges 13.7%: Is This an Indication of Further Gains?

Beam Global (BEEM) shares ended the last trading session 13.7% higher at $16.66. 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 20.1% gain over the past four weeks.

Beam Global extended its rally for the second straight day after the company announced the closure of AllCell Technologies buyout. AllCell is one of the leading players in in energy storage solutions and technologies. The acquisition is expected to boost and diversify Beam Global’s revenues, thereby enhancing its foothold in the green economy.  

This company is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of +41.2%. Revenues are expected to be $2.93 million, up 33% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Beam Global, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Beam Global belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, Veoneer, Inc. (VNE), closed the last trading session 0.8% lower at $34.86. Over the past month, VNE has returned 0.5%.

For Veoneer, Inc., the consensus EPS estimate for the upcoming report has changed -1.5% over the past month to -$0.57. This represents a change of +38.7% from what the company reported a year ago. Veoneer, Inc. currently has a Zacks Rank of #3 (Hold).


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