Mobile Infrastructure (NASDAQ:BEEP) Stock Price Down 1% – Here’s What Happened

Shares of Mobile Infrastructure Corporation (NASDAQ:BEEP) dropped 1% on Tuesday . The stock traded as low as $1.84 and last traded at $1.89. Approximately 42,390 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 61,529 shares. The stock had previously closed at $1.91.

Analyst Ratings Changes

BEEP has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Mobile Infrastructure in a report on Friday, March 27th. Maxim Group decreased their price objective on Mobile Infrastructure from $7.00 to $6.00 and set a “buy” rating for the company in a report on Friday, May 15th. Finally, Barrington Research reissued an “outperform” rating and issued a $6.50 price objective on shares of Mobile Infrastructure in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.25.

Mobile Infrastructure Price Performance

The firm has a market capitalization of $77.87 million, a price-to-earnings ratio of -3.00 and a beta of 0.56. The company has a fifty day moving average price of $2.08 and a two-hundred day moving average price of $2.56. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.17.

Institutional Investors Weigh In On Mobile Infrastructure

Hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC lifted its holdings in shares of Mobile Infrastructure by 467.8% during the fourth quarter. Quadrant Capital Group LLC now owns 157,447 shares of the company’s stock worth $401,000 after purchasing an additional 129,718 shares during the period. State Street Corp lifted its holdings in shares of Mobile Infrastructure by 9.7% during the fourth quarter. State Street Corp now owns 118,200 shares of the company’s stock worth $301,000 after purchasing an additional 10,491 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Mobile Infrastructure by 5.1% during the third quarter. Cresset Asset Management LLC now owns 85,240 shares of the company’s stock worth $300,000 after purchasing an additional 4,135 shares during the period. Connective Capital Management LLC lifted its holdings in shares of Mobile Infrastructure by 10.8% during the third quarter. Connective Capital Management LLC now owns 60,973 shares of the company’s stock worth $215,000 after purchasing an additional 5,929 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Mobile Infrastructure by 104.1% during the first quarter. Goldman Sachs Group Inc. now owns 40,662 shares of the company’s stock worth $170,000 after purchasing an additional 20,741 shares during the period. 84.30% of the stock is owned by institutional investors and hedge funds.

About Mobile Infrastructure

Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. As of December 31, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,700 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities.