BMO Capital Markets Issues Pessimistic Forecast for Ballard Power Systems (NASDAQ:BLDP) Stock Price

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target cut by research analysts at BMO Capital Markets from $1.30 to $1.20 in a report issued on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the technology company’s stock. BMO Capital Markets’ price objective indicates a potential downside of 6.61% from the company’s previous close.

A number of other brokerages have also weighed in on BLDP. CIBC decreased their target price on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating for the company in a research report on Wednesday, December 4th. TD Cowen raised Ballard Power Systems to a “strong sell” rating in a research report on Monday, January 13th. Six investment 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.77.

Ballard Power Systems Trading Up 0.4 %

BLDP traded up $0.01 during trading hours on Friday, reaching $1.29. 1,446,610 shares of the company’s stock traded hands, compared to its average volume of 10,182,046. The firm has a 50-day moving average price of $1.44 and a 200 day moving average price of $1.56. The firm has a market capitalization of $384.78 million, a PE ratio of -1.17 and a beta of 1.75. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a 52-week low of $1.08 and a 52-week high of $3.38.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLDP. Banque Cantonale Vaudoise increased its position in shares of Ballard Power Systems by 7.7% during the 3rd 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. Penserra Capital Management LLC increased its position in shares of Ballard Power Systems by 52.6% during the third quarter. Penserra Capital Management LLC now owns 959,941 shares of the technology company’s stock valued at $1,727,000 after acquiring an additional 330,815 shares during the last quarter. DRW Securities LLC lifted its holdings in shares of Ballard Power Systems by 2,097.1% in the 3rd quarter. DRW Securities LLC now owns 333,322 shares of the technology company’s stock worth $600,000 after acquiring an additional 318,151 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Ballard Power Systems by 79.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 436,689 shares of the technology company’s stock worth $786,000 after purchasing an additional 193,658 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Ballard Power Systems by 8.8% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 344,589 shares of the technology company’s stock valued at $620,000 after purchasing an additional 27,787 shares during the last quarter. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

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.