Shares of Beam Global (NASDAQ: BEEM) have gotten crushed today, down by 31% as of 1:15 p.m. EST, as many stocks related to electric vehicles (EVs) are broadly pulling back. Beam Global offers EV charging services using solar energy.
Speculative investors betting on accelerating adoption of EVs pushed related stocks into the stratosphere during 2020, stretching the valuations of many companies and pricing in significant growth expectations. The meteoric rise has also attracted the attention of short-sellers, who may believe that EV stocks are overvalued. Beam shares skyrocketed in the final months of 2020, with gains briefly topping 1,500% prior to today’s sell-off.