Ballard Power Systems (NASDAQ:BLDP) Sees Strong Trading Volume – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares saw unusually-high trading volume on Tuesday . Approximately 3,824,269 shares were traded during trading, a decline of 3% from the previous session’s volume of 3,936,055 shares.The stock last traded at $4.2650 and had previously closed at $4.17.

Wall Street Analyst Weigh In

BLDP has been the subject of a number of research reports. BMO Capital Markets lifted their price target on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th. Lake Street Capital upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. ATB Cormark Capital Markets lifted their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the stock a “sector perform” rating in a research report on Wednesday, May 6th. Raymond James Financial lifted their price objective on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company lifted their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $3.51.

Ballard Power Systems Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -15.30 and a beta of 1.94. The company has a 50-day moving average of $2.88 and a 200-day moving average of $2.76.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its earnings results on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. The firm had revenue of $18.98 million during the quarter, compared to analysts’ expectations of $19.88 million. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. As a group, equities research analysts expect that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of Ballard Power Systems

Several hedge funds and other institutional investors have recently bought and sold shares of BLDP. Rockefeller Capital Management L.P. grew its stake in Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after acquiring an additional 6,952 shares during the period. Swiss Life Asset Management Ltd purchased a new stake in Ballard Power Systems in the 4th quarter worth approximately $26,000. Ground Swell Capital LLC purchased a new stake in Ballard Power Systems in the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new stake in Ballard Power Systems in the 4th quarter worth approximately $28,000. Finally, Cetera Investment Advisers purchased a new stake in Ballard Power Systems in the 1st quarter worth approximately $33,000. 28.02% of the stock is owned by hedge funds and other institutional investors.

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.