Ballard Power Systems (NASDAQ:BLDP) Trading 5.9% Higher – Here’s Why

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price traded up 5.9% during trading on Wednesday . The stock traded as high as $3.17 and last traded at $3.1350. 4,869,130 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 5,838,225 shares. The stock had previously closed at $2.96.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BLDP. Susquehanna cut their price target on shares of Ballard Power Systems from $4.25 to $3.50 and set a “neutral” rating for the company in a report on Friday, July 10th. Wells Fargo & Company boosted their price objective on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Friday, March 27th. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $5.00 in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday. Finally, TD Cowen boosted their price target on Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Ballard Power Systems presently has a consensus rating of “Reduce” and a consensus target price of $3.52.

Ballard Power Systems Stock Performance

The firm has a market capitalization of $948.15 million, a price-to-earnings ratio of -11.65 and a beta of 2.25. 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’s 50-day moving average is $4.30 and its 200-day moving average is $3.23.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $18.98 million for the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. On average, analysts predict that Ballard Power Systems, Inc. will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in Ballard Power Systems by 45.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 692,201 shares of the technology company’s stock worth $1,883,000 after purchasing an additional 215,954 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of Ballard Power Systems by 108.5% during the fourth quarter. GSA Capital Partners LLP now owns 709,304 shares of the technology company’s stock valued at $1,802,000 after purchasing an additional 369,137 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Ballard Power Systems during the fourth quarter worth about $319,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Ballard Power Systems during the first quarter worth about $548,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Ballard Power Systems by 204.5% in the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock valued at $10,145,000 after buying an additional 2,682,355 shares during the period. Institutional investors own 28.02% of the company’s stock.

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.