Ballard Power Systems, Inc. (NASDAQ:BLDP) Stock Has Consensus Target Price of $3.13 According to Brokerages

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) has been assigned an average recommendation of “Reduce” from the sixteen analysts that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $3.13.

Several research firms recently weighed in on BLDP. Susquehanna dropped their price objective on Ballard Power Systems from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Wednesday, October 14th. Wall Street Zen downgraded Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. UBS Group lowered their target price on Ballard Power Systems from $6.50 to $2.15 and set a “neutral” rating on the stock in a report on Wednesday, September 30th. Jefferies Financial Group restated a “hold” rating and issued a $1.68 price target on shares of Ballard Power Systems in a research report on Tuesday, October 27th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Ballard Power Systems in a research note on Tuesday, August 4th.

Ballard Power Systems Price Performance

BLDP stock opened at $1.59 on Friday. The firm has a 50 day moving average of $1.96 and a 200-day moving average of $2.86. Ballard Power Systems has a 12-month low of $1.43 and a 12-month high of $6.57. The company has a current ratio of 11.19, a quick ratio of 10.36 and a debt-to-equity ratio of 0.03.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new stake in Ballard Power Systems during the 2nd quarter valued at $28,144,000. Man Group plc acquired a new position in shares of Ballard Power Systems in the second quarter worth $4,629,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Ballard Power Systems in the second quarter worth $3,392,000. Bank of America Corp DE purchased a new stake in shares of Ballard Power Systems in the second quarter valued at $3,231,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Ballard Power Systems in the first quarter valued at $1,362,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and technology. Its fuel cell systems generate electricity through an electrochemical process using hydrogen, producing water and heat as byproducts and supporting lower-emission power applications.

The company focuses primarily on heavy-duty mobility markets, including buses, commercial trucks, trains, marine vessels and other specialty vehicles. Ballard also provides fuel cell products and related services for stationary power applications, along with engineering support, technology development and after-sales services.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners internationally, with activity across North America, Europe and Asia.