Ballard Power Systems, Inc. (NASDAQ:BLDP) Receives $3.59 Average Price Target from Brokerages

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) have received a consensus rating of “Reduce” from the fifteen ratings firms that are covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $3.5875.

BLDP has been the subject of several recent research reports. Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and raised their price objective for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. ATB Cormark Capital Markets raised their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research report on Wednesday, May 6th. Wells Fargo & Company raised their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. Finally, TD Cowen raised their price objective on Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a research report on Wednesday, May 6th.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $4.92 on Wednesday. The company has a current ratio of 10.70, a quick ratio of 9.90 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $1.48 billion, a P/E ratio of -18.22 and a beta of 2.19. The business has a fifty day simple moving average of $3.94 and a two-hundred day simple moving average of $3.01. Ballard Power Systems has a 12 month low of $1.39 and a 12 month high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. On average, equities analysts forecast that Ballard Power Systems will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently modified their holdings of the stock. Optiver Holding B.V. purchased a new position in shares of Ballard Power Systems in the 1st quarter worth about $59,000. J. Derek Lewis & Associates Inc. raised its position in shares of Ballard Power Systems by 10.9% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock worth $123,000 after purchasing an additional 5,000 shares during the last quarter. Bank of America Corp DE raised its position in shares of Ballard Power Systems by 72.5% in the 1st quarter. Bank of America Corp DE now owns 575,907 shares of the technology company’s stock worth $1,394,000 after purchasing an additional 242,132 shares during the last quarter. Amundi raised its position in shares of Ballard Power Systems by 23.8% in the 1st quarter. Amundi now owns 256,544 shares of the technology company’s stock worth $621,000 after purchasing an additional 49,248 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Ballard Power Systems by 94.0% in the 1st quarter. Royal Bank of Canada now owns 637,068 shares of the technology company’s stock worth $1,542,000 after purchasing an additional 308,742 shares during the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.