Beam Global (BEEM) shares ended the last trading session 6.6% higher at $10.60. 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 24.8% loss over the past four weeks.
Shares jumped yesterday on upbeat sales outlook for the second quarter of 2023. Beam Global expects to report record-breaking quarterly revenue of $15.5-$17.0 million for the quarter ending June 30, 2023.
This company is expected to post quarterly loss of $0.36 per share in its upcoming report, which represents a year-over-year change of -28.6%. Revenues are expected to be $11.66 million, up 213.4% 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 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 is a member of the Zacks Automotive - Original Equipment industry. One other stock in the same industry, Strattec Security (STRT), finished the last trading session 4.4% lower at $17.80. STRT has returned -3.3% over the past month.
Strattec Security's consensus EPS estimate for the upcoming report has changed -42.9% over the past month to -$0.20. Compared to the company's year-ago EPS, this represents a change of -300%. Strattec Security currently boasts a Zacks Rank of #5 (Strong Sell).
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