Beam Global (NASDAQ:BEEM) is seeing a massive surge with electric vehicle (EV) stocks on Monday despite a lack of news from the solar company.
The increase in BEEM stock prices comes alongside heavy trading. This has seen more than 2 million shares of Beam Global stock move as of this writing. That’s a massive spike compared to the company’s daily average trading volume of 340,770 shares.
Investors thinking about jumping on the EV stocks hype train will want to know more about the solar company. Here’s a quick breakdown of what Beam Global is all about.
- Beam Global is a solar company founded in 2006 under its previous name, Envision Solar.
- One of the company’s main focuses is the creation of EV charging stations.
- That includes its EV Arc for fast charging, its Solar Tree for medium and heavy-duty vehicles, and other offerings.
- The company operates in 96 cities in the U.S., 13 states.
- Its business has also spread to 121 countries.
- The company recently announced it was awarded General Services Administration (GSA) Multiple Award Schedule (MAS) Contract.
- This means that federal agencies in the U.S. can now order the company’s products.
- That’s worth noting as the U.S. government operates the largest civilian fleet of EVs.
- This includes a total of 640,000 EVs.
- The company is expecting EV use to rise as more people make the switch due to lower fuel costs and less maintenance.
- That would, in turn, theoretically result in more business for the rising solar company.
BEEM stock was up 33.8% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.