Ballard Power Systems (NASDAQ:BLDP) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the stock. TD Cowen raised their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Susquehanna cut their price target on Ballard Power Systems from $4.25 to $3.50 and set a “neutral” rating for the company in a research note on Friday, July 10th. National Bank Financial set a $4.75 price target on Ballard Power Systems and gave the stock a “sector perform” rating in a research report on Wednesday, June 24th. Raymond James Financial raised their price objective on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. Finally, ATB Cormark Capital Markets lifted their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.54.

Ballard Power Systems Trading Up 2.7%

BLDP stock opened at $2.62 on Friday. Ballard Power Systems has a 52 week low of $1.70 and a 52 week high of $6.57. The company has a market capitalization of $789.96 million, a PE ratio of -10.08 and a beta of 2.29. The company’s 50-day simple moving average is $3.67 and its 200 day simple moving average is $3.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 11.19.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Friday, July 31st. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The business had revenue of $20.34 million during the quarter, compared to analyst estimates of $25.24 million. Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. As a group, sell-side analysts anticipate that Ballard Power Systems will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of Ballard Power Systems by 29.1% during the 1st quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock worth $761,000 after acquiring an additional 156,014 shares in the last quarter. Amundi raised its position in Ballard Power Systems by 16.1% during the first quarter. Amundi now owns 68,140 shares of the technology company’s stock valued at $74,000 after purchasing an additional 9,454 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Ballard Power Systems by 20.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock valued at $5,408,000 after purchasing an additional 829,012 shares in the last quarter. Jane Street Group LLC lifted its stake in Ballard Power Systems by 56.2% during the first quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock worth $1,635,000 after purchasing an additional 534,834 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Ballard Power Systems by 604.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock valued at $757,000 after purchasing an additional 408,641 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.