Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 16.3% After Better-Than-Expected Earnings

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was up 16.3% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $3.66 and last traded at $3.8250. Approximately 1,806,936 shares traded hands during trading, a decline of 47% from the average daily volume of 3,397,487 shares. The stock had previously closed at $3.29.

The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BLDP shares. Wells Fargo & Company boosted their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Friday, March 27th. TD Securities raised Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price objective on the stock in a research note on Friday, January 9th. TD Cowen raised Ballard Power Systems from a “sell” rating to a “hold” rating in a research note on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. Ten analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $2.69.

Institutional Trading of Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLDP. Rockefeller Capital Management L.P. increased its holdings in Ballard Power Systems by 228.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd bought a new stake in Ballard Power Systems during the 4th quarter worth approximately $26,000. Ground Swell Capital LLC bought a new stake in Ballard Power Systems during the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. bought a new stake in Ballard Power Systems during the 4th quarter worth approximately $28,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Ballard Power Systems by 422.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock worth $38,000 after purchasing an additional 12,149 shares in the last quarter. 28.02% of the stock is owned by institutional investors.

Ballard Power Systems Price Performance

The business has a 50 day moving average price of $2.57 and a two-hundred day moving average price of $2.72. The stock has a market cap of $1.20 billion, a PE ratio of -13.28 and a beta of 1.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.14 and a current ratio of 9.86.

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.