Ballard Power Systems Inc. (NASDAQ:BLDP) Given Average Recommendation of “Reduce” by Analysts

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) have been given an average rating of “Reduce” by the sixteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $3.11.

Several brokerages have commented on BLDP. Truist Financial lowered their price objective on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Cormark restated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. TD Securities cut Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their price target for the stock from $2.50 to $1.50 in a research note on Monday, August 12th. CIBC reiterated an “underperformer” rating and issued a $1.60 price objective (down previously from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Finally, Wells Fargo & Company dropped their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 13th.

Institutional Investors Weigh In On Ballard Power Systems

Institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in Ballard Power Systems by 19.8% in the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock valued at $5,936,000 after acquiring an additional 353,098 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Ballard Power Systems by 49.5% in the fourth quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock worth $2,642,000 after purchasing an additional 236,449 shares during the last quarter. Decade Renewable Partners LP bought a new position in shares of Ballard Power Systems during the second quarter valued at $450,000. Allianz Asset Management GmbH boosted its position in shares of Ballard Power Systems by 25.0% during the fourth quarter. Allianz Asset Management GmbH now owns 503,000 shares of the technology company’s stock valued at $1,873,000 after buying an additional 100,700 shares during the last quarter. Finally, 3Chopt Investment Partners LLC bought a new stake in Ballard Power Systems in the 2nd quarter worth about $219,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Price Performance

Shares of Ballard Power Systems stock opened at $1.67 on Monday. The business has a 50 day moving average of $1.96 and a 200 day moving average of $2.51. Ballard Power Systems has a 52 week low of $1.61 and a 52 week high of $4.02. The company has a market cap of $499.98 million, a PE ratio of -2.69 and a beta of 1.78. The company has a quick ratio of 10.05, a current ratio of 10.90 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.10) EPS. As a group, equities research analysts forecast that Ballard Power Systems will post -0.48 earnings per share for the current year.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.