Ben Gregg (Texas Tech), Jake Peacock (South Florida), Magnus Lumholt (Little Rock) and Collins Trolio (Ole Miss) all finished 8 under in a tie for second place.
Beard had an early eagle, and built as much as a 5-shot lead on the back nine, but after bogey on No. 17 and a birdie by Peacock, his lead shrank to just one shot entering the final hole.
Connor Adams of New Mexico had the lowest round of the day with a 65, to propel him to a top 10 finish.
Magnus Lumholt and Rhett South captured the team event for Little Rock at 11 under, winning by 2 shots over Ole Miss and Memphis.
Austin Smithers defeated Johann Voss by 1 stroke to capture the Mid-Am trophy.
ROUND TWO RECAP
While the first round was the day of Jake Peacock at the Magnolia Amatuer, the second round was the day of David Beard.
Beard, a native of Madison, Miss., shot a scorching 8 under 63 to propel all the way up to the top of the leaderboard.
Beard made nine birdies to just one bogey during his round and shot a 30 on his front nine (his back nine on the day).
Round one leader Jake Peacock shot a respectable 1 under 70 to sit in solo second place, but he could not replicate the magic of his first round. Peacock started his round 2 under through his first eight holes, but played his last 10 of the round 1 over to fall off the lead.
Beard and Peacock are five and three shots clear of third place Magnus Lomholt of University of Arkansas Little Rock. Little Rock leads the team standings at 9 under par with Memphis in second place at 6 under and Ole Miss at 4 under.
ROUND ONE RECAP
Jake Peacock (University of South Florida) shot a blistering 7 under 64 to lead the first round of the Magnolia Amateur. Peacock birdied four of his final six holes to post the lowest opening round in Magnolia Amateur history.
Peacock finished bogey free and also eagled No. 17 to cap of the historic round.
Ben Gregg (Texas Tech University) began his round birdie-birdie-eagle en route to 4 under 67 and sits tied for second place.
Gregg is tied with six other golfers at 4 under. Craig Long II (Northern Illinois), Logan Zurn (Midland), Rhett South (Little Rock), Magnus Lomholt (Little Rock), Jacob LeCroy (South Alabama), Nicholas Diebel (Rollins College) make up the tie for second place.
South and Lumholt of University of Arkansas at Little Rock each shot 67 in the opening round and helped propel Little Rock to first place in the the team competition by 4 shots over Texas A&M and by 5 over Rollins College, South Florida, and UAB.
Jake Peacock has been playing elite golf for a long time now, as he won the Boy's 10-11 Division of the Drive, Chip and Putt challenge in 2015.
Johann Voss shoots even-par 71 and leads the Mid-Amateur division by 1 over Austin Smithers and Landon Cottrell.