Ballard Power Systems (BLDP) Downgraded by Zacks Investment Research to “Strong Sell”
Zacks Investment Research cut shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a strong sell rating in a research note published on Wednesday.
According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “
Other analysts also recently issued reports about the stock. B. Riley set a $6.00 price objective on shares of Ballard Power Systems and gave the stock a buy rating in a report on Wednesday, February 28th. HC Wainwright set a $6.00 price objective on shares of Ballard Power Systems and gave the stock a buy rating in a report on Friday, March 2nd. Roth Capital set a $3.00 price objective on shares of Ballard Power Systems and gave the stock a hold rating in a report on Friday, March 2nd. Cowen set a $4.00 price objective on shares of Ballard Power Systems and gave the stock a hold rating in a report on Friday, March 2nd. Finally, BidaskClub downgraded shares of Ballard Power Systems from a hold rating to a sell rating in a report on Thursday, January 4th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $4.88.
Large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP acquired a new position in Ballard Power Systems during the 4th quarter valued at $1,579,000. Bluestein R H & Co. raised its stake in Ballard Power Systems by 11.2% during the 3rd quarter. Bluestein R H & Co. now owns 233,000 shares of the technology company’s stock valued at $1,090,000 after purchasing an additional 23,500 shares during the last quarter. PEAK6 Investments L.P. raised its stake in Ballard Power Systems by 556.3% during the 3rd quarter. PEAK6 Investments L.P. now owns 216,984 shares of the technology company’s stock valued at $1,015,000 after purchasing an additional 183,921 shares during the last quarter. Bank of Montreal Can raised its stake in Ballard Power Systems by 26.2% during the 4th quarter. Bank of Montreal Can now owns 61,968 shares of the technology company’s stock valued at $273,000 after purchasing an additional 12,857 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Ballard Power Systems during the 3rd quarter valued at $141,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.
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Ballard Power Systems Company Profile
Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications.
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