Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 3.7% – Should You Buy?

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shot up 3.7% on Monday . The stock traded as high as $1.70 and last traded at $1.68. 1,318,174 shares were traded during trading, a decline of 60% from the average session volume of 3,269,669 shares. The stock had previously closed at $1.62.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. HSBC cut Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Citigroup decreased their target price on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Susquehanna cut their price target on shares of Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. StockNews.com upgraded shares of Ballard Power Systems to a “sell” rating in a report on Friday, November 1st. Finally, CIBC dropped their target price on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.77.

Ballard Power Systems Stock Up 4.3 %

The stock has a market capitalization of $505.99 million, a PE ratio of -1.54 and a beta of 1.72. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average is $1.51 and its 200 day moving average is $1.88.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in shares of Ballard Power Systems by 8.8% in the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock valued at $5,224,000 after purchasing an additional 186,833 shares during the period. SG Americas Securities LLC increased its holdings in Ballard Power Systems by 84.3% in the 2nd quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock worth $179,000 after buying an additional 36,368 shares during the period. XTX Topco Ltd raised its position in Ballard Power Systems by 29.0% during the 3rd quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock worth $159,000 after buying an additional 19,856 shares during the last quarter. Decade Renewable Partners LP purchased a new stake in shares of Ballard Power Systems in the 2nd quarter valued at $450,000. Finally, TD Asset Management Inc lifted its holdings in Ballard Power Systems by 1.2% in the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after acquiring an additional 8,154 shares during the period. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.