Citigroup Issues Pessimistic Forecast for Ballard Power Systems (NASDAQ:BLDP) Stock Price

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective lowered by Citigroup from $2.00 to $1.50 in a research report report published on Tuesday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on BLDP. Raymond James cut their target price on Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating for the company in a research note on Friday, March 14th. TD Cowen upgraded Ballard Power Systems to a “strong sell” rating in a report on Monday, January 13th. Wells Fargo & Company set a $1.00 price target on Ballard Power Systems in a report on Thursday, March 13th. National Bankshares lowered their price target on Ballard Power Systems from $2.60 to $2.00 and set a “sector perform” rating on the stock in a report on Friday, March 14th. Finally, HSBC lowered their price target on Ballard Power Systems from $1.90 to $1.40 and set a “hold” rating on the stock in a report on Friday, March 14th. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.13.

Ballard Power Systems Stock Performance

Shares of BLDP stock opened at $1.32 on Tuesday. The company has a market cap of $395.26 million, a price-to-earnings ratio of -1.20 and a beta of 1.75. The stock has a 50 day simple moving average of $1.39 and a 200-day simple moving average of $1.54. Ballard Power Systems has a 12-month low of $1.08 and a 12-month high of $3.38. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On Ballard Power Systems

Several hedge funds have recently made changes to their positions in the business. National Bank of Canada FI boosted its holdings in shares of Ballard Power Systems by 14.7% during the fourth quarter. National Bank of Canada FI now owns 72,342 shares of the technology company’s stock worth $120,000 after purchasing an additional 9,287 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Ballard Power Systems by 35.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,798 shares of the technology company’s stock worth $68,000 after purchasing an additional 10,767 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of Ballard Power Systems by 7.7% during the third quarter. Banque Cantonale Vaudoise now owns 190,433 shares of the technology company’s stock worth $343,000 after purchasing an additional 13,639 shares during the last quarter. First Commonwealth Financial Corp PA acquired a new stake in shares of Ballard Power Systems during the third quarter worth $27,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in shares of Ballard Power Systems by 44.1% during the fourth quarter. Itau Unibanco Holding S.A. now owns 49,511 shares of the technology company’s stock worth $82,000 after purchasing an additional 15,160 shares during the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

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.