Ballard Power Systems (NASDAQ:BLDP) Trading Down 11% – Time to Sell?

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) dropped 11% during trading on Friday . The stock traded as low as $5.44 and last traded at $5.4020. Approximately 1,241,022 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,500,055 shares. The stock had previously closed at $6.07.

Wall Street Analyst Weigh In

BLDP has been the topic of a number of research reports. National Bank Financial increased their price objective on shares of Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a research note on Wednesday, May 6th. ATB Cormark Capital Markets boosted their target price on shares of Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research report on Wednesday, May 6th. BMO Capital Markets increased their price target on Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research report on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Friday, March 27th. Finally, TD Cowen boosted their price objective on Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Ballard Power Systems presently has an average rating of “Reduce” and an average target price of $3.59.

Ballard Power Systems Stock Performance

The company has a current ratio of 10.70, a quick ratio of 9.90 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.50 billion, a PE ratio of -18.48 and a beta of 2.19. The firm’s fifty day moving average price is $3.89 and its two-hundred day moving average price is $2.99.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $18.98 million for the quarter, compared to the consensus estimate 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 forecast that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Several hedge funds have recently modified their holdings of the company. Optiver Holding B.V. purchased a new position in shares of Ballard Power Systems in the 1st quarter valued at about $59,000. J. Derek Lewis & Associates Inc. boosted its position in Ballard Power Systems by 10.9% during the first quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock worth $123,000 after purchasing an additional 5,000 shares in the last quarter. Bank of America Corp DE grew its holdings in Ballard Power Systems by 72.5% in the first quarter. Bank of America Corp DE now owns 575,907 shares of the technology company’s stock valued at $1,394,000 after purchasing an additional 242,132 shares during the period. Amundi grew its holdings in Ballard Power Systems by 23.8% in the first quarter. Amundi now owns 256,544 shares of the technology company’s stock valued at $621,000 after purchasing an additional 49,248 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Ballard Power Systems by 94.0% in the first quarter. Royal Bank of Canada now owns 637,068 shares of the technology company’s stock valued at $1,542,000 after buying an additional 308,742 shares in the last quarter. 28.02% of the stock is owned by hedge funds and other institutional investors.

About Ballard Power Systems

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.