Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $2.50

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective lowered by research analysts at TD Securities from $3.00 to $2.50 in a research report issued on Thursday, BayStreet.CA reports. TD Securities’ price target would suggest a potential downside of 3.85% from the company’s current price.

Other analysts also recently issued research reports about the company. Jefferies Financial Group lowered their target price on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a research report on Tuesday, January 30th. Piper Sandler lowered their target price on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a research report on Wednesday, March 13th. Citigroup lowered their target price 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 lowered their target price on Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.94.

Ballard Power Systems Price Performance

Shares of Ballard Power Systems stock opened at $2.60 on Thursday. The stock’s 50-day moving average is $2.93 and its 200-day moving average is $3.29. Ballard Power Systems has a one year low of $2.42 and a one year high of $5.68. 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 quarterly earnings results on Monday, March 11th. The technology company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $46.80 million during the quarter, compared to the consensus estimate of $26.32 million. Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The business’s revenue for the quarter was up 131.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) earnings per share. Research analysts anticipate that Ballard Power Systems will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several institutional investors and hedge funds have recently made changes to their positions in BLDP. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ballard Power Systems by 27.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock valued at $14,353,000 after purchasing an additional 849,311 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of 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 purchasing an additional 321,624 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Ballard Power Systems in the fourth quarter valued at approximately $1,086,000. Rafferty Asset Management LLC grew its position 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 valued at $2,642,000 after purchasing an additional 236,449 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Ballard Power Systems by 1.7% in the third 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. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.