Ballard Power Systems (NASDAQ:BLDP) Shares Up 5.9% on Analyst Upgrade

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price traded up 5.9% during mid-day trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. 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 daily volume of 5,838,225 shares. The stock had previously closed at $2.96.

BLDP has been the topic of several other research reports. National Bank Financial set a $4.75 price target on shares of Ballard Power Systems and gave the stock a “sector perform” rating in a report on Wednesday, June 24th. Raymond James Financial lifted their price objective on shares of Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their price objective on shares of Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Friday, March 27th. Susquehanna lowered their target price on Ballard Power Systems from $4.25 to $3.50 and set a “neutral” rating on the stock in a research note on Friday, July 10th. Finally, Lake Street Capital upgraded 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. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.52.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake 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 valued at $1,883,000 after acquiring an additional 215,954 shares during the period. Leonteq Securities AG acquired a new position in Ballard Power Systems during the fourth quarter worth $319,000. GSA Capital Partners LLP lifted its holdings in 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. Counterpoint Mutual Funds LLC acquired a new stake in shares of Ballard Power Systems in the first quarter valued at about $548,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Ballard Power Systems by 204.5% during the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock worth $10,145,000 after purchasing an additional 2,682,355 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Stock Down 3.9%

The firm has a market cap of $898.41 million, a PE ratio of -11.04 and a beta of 2.25. The business’s 50 day moving average price is $4.25 and its 200 day moving average price is $3.24. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.70 and a quick ratio of 9.90.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data 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 company had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. On average, equities research analysts expect that Ballard Power Systems, Inc. will post -0.16 earnings per share for the current year.

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.