Ballard Power Systems (NASDAQ:BLDP) Hits New 12-Month Low After Analyst Downgrade

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shares hit a new 52-week low on Thursday after TD Securities lowered their price target on the stock from $3.00 to $2.50. The stock traded as low as $2.42 and last traded at $2.46, with a volume of 1141793 shares traded. The stock had previously closed at $2.54.

A number of other analysts have also weighed in on the company. Piper Sandler lowered their target price on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a report on Wednesday, March 13th. Jefferies Financial Group decreased their price objective on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating for the company in a research note on Tuesday, January 30th. Citigroup dropped their price objective on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Finally, Raymond James reduced their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating for the company in a report on Wednesday, March 13th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Ballard Power Systems currently has an average rating of “Hold” and a consensus price target of $3.94.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Ballard Power Systems by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock valued at $33,476,000 after purchasing an additional 148,321 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ballard Power Systems by 27.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after purchasing an additional 849,311 shares during the period. Vontobel Holding Ltd. boosted its position in Ballard Power Systems by 18.2% in the fourth quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after buying an additional 321,624 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ballard Power Systems by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock worth $3,222,000 after buying an additional 89,643 shares during the period. Finally, Rafferty Asset Management LLC raised its position in Ballard Power Systems by 49.5% during the 4th quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock worth $2,642,000 after buying an additional 236,449 shares during the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Stock Performance

The firm’s 50 day simple moving average is $2.93 and its 200 day simple moving average is $3.29. The firm has a market capitalization of $778.15 million, a price-to-earnings ratio of -4.41 and a beta of 1.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.60 and a current ratio of 12.25.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its earnings results on Monday, March 11th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The business had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $26.32 million. During the same period last year, the business earned ($0.12) EPS. The company’s revenue for the quarter was up 131.7% on a year-over-year basis. Sell-side analysts forecast that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal 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.