Ballard Power Systems (NASDAQ:BLDP) Trading Up 9% – Time to Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price traded up 9% during mid-day trading on Tuesday . The company traded as high as $4.08 and last traded at $4.0650. Approximately 5,183,754 shares traded hands during trading, a decline of 11% from the average daily volume of 5,851,190 shares. The stock had previously closed at $3.73.

Wall Street Analyst Weigh In

Several analysts recently commented on BLDP shares. 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. TD Cowen lifted their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a research note on Wednesday, May 6th. BMO Capital Markets boosted their price target on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a report on Wednesday, May 6th. Raymond James Financial increased their price objective on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Ballard Power Systems has an average rating of “Reduce” and an average target price of $3.59.

Ballard Power Systems Stock Performance

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -14.87 and a beta of 2.19. The firm’s 50 day moving average is $4.45 and its 200-day moving average is $3.17. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $18.98 million for 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%. Sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently modified their holdings of the company. Optiver Holding B.V. acquired a new position in Ballard Power Systems during the 1st quarter worth $59,000. J. Derek Lewis & Associates Inc. boosted its stake in Ballard Power Systems by 10.9% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock valued at $123,000 after purchasing an additional 5,000 shares during the period. Bank of America Corp DE grew its holdings in Ballard Power Systems by 72.5% in the 1st quarter. Bank of America Corp DE now owns 575,907 shares of the technology company’s stock valued at $1,394,000 after buying an additional 242,132 shares during the last quarter. Amundi lifted its holdings in shares of Ballard Power Systems by 23.8% during the first quarter. Amundi now owns 256,544 shares of the technology company’s stock worth $621,000 after buying an additional 49,248 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Ballard Power Systems by 94.0% in the first quarter. Royal Bank of Canada now owns 637,068 shares of the technology company’s stock valued at $1,542,000 after acquiring an additional 308,742 shares during the period. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.