Ballard Power Systems (NASDAQ:BLDP) Sets New 1-Year Low After Analyst Downgrade

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) reached a new 52-week low on Thursday after TD Securities lowered their price target on the stock from $3.00 to $2.50. The company traded as low as $2.42 and last traded at $2.46, with a volume of 1141793 shares trading hands. The stock had previously closed at $2.54.

Other analysts have also issued research reports about the stock. Raymond James reduced their price target on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 13th. Citigroup reduced their target price on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, February 27th. Piper Sandler lowered their price target on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a report on Wednesday, March 13th. Finally, Jefferies Financial Group reduced their price objective on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a research note on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.94.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BLDP. Headlands Technologies LLC bought a new stake in Ballard Power Systems during the fourth quarter valued at $31,000. FNY Investment Advisers LLC grew its holdings in shares of Ballard Power Systems by 5,000.0% during the fourth quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock worth $37,000 after purchasing an additional 10,000 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Ballard Power Systems in the third quarter worth approximately $48,000. Exchange Traded Concepts LLC purchased a new stake in Ballard Power Systems in the third quarter valued at approximately $48,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Ballard Power Systems by 37.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company’s stock valued at $51,000 after purchasing an additional 3,753 shares during the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Trading Up 5.3 %

The stock’s 50 day simple moving average is $2.93 and its 200 day simple moving average is $3.29. The firm has a market cap of $778.15 million, a PE ratio of -4.41 and a beta of 1.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.60 and a current ratio of 12.25.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Monday, March 11th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The company had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $26.32 million. During the same quarter last year, the firm posted ($0.12) earnings per share. The firm’s revenue was up 131.7% on a year-over-year basis. On average, sell-side analysts forecast that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.