Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 6.9%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) rose 6.9% on Wednesday . The company traded as high as $2.33 and last traded at $2.32. Approximately 506,694 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,815,652 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

BLDP has been the subject of several recent analyst reports. TD Securities upped their target price on Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a report on Wednesday, May 8th. Truist Financial reaffirmed a “hold” rating and set a $3.00 target price (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Piper Sandler cut their price target on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a report on Wednesday, March 13th. CIBC decreased their price objective on shares of Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, Jefferies Financial Group lowered their price objective on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Three 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 currently has an average rating of “Hold” and an average price target of $3.49.

Ballard Power Systems Trading Up 5.5 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.88 and a current ratio of 11.66. The firm has a market cap of $685.60 million, a P/E ratio of -3.74 and a beta of 1.77. The firm has a 50 day simple moving average of $2.78 and a 200 day simple moving average of $3.04.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The firm had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 million. Ballard Power Systems had a negative net margin of 177.82% and a negative return on equity of 15.37%. Ballard Power Systems’s revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) earnings per share. On average, equities research analysts predict that Ballard Power Systems Inc. will post -0.51 EPS for the current fiscal year.

Institutional Trading of Ballard Power Systems

Several institutional investors and hedge funds have recently modified their holdings of BLDP. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ballard Power Systems by 11.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after acquiring an additional 89,643 shares during the last quarter. Virtu Financial LLC purchased a new stake in Ballard Power Systems in the fourth quarter worth about $192,000. Jump Financial LLC bought a new position in Ballard Power Systems during the 4th quarter valued at approximately $1,086,000. CIBC Asset Management Inc raised its position in shares of Ballard Power Systems by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after purchasing an additional 7,060 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Ballard Power Systems by 1.7% in the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after buying an additional 148,321 shares in the last quarter. Hedge funds and other institutional investors 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.