Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “

A number of other research firms have also recently issued reports on BLDP. Roth Capital cut shares of Ballard Power Systems from a “buy” rating to a “neutral” rating and set a $3.00 price target for the company. in a report on Thursday, May 4th. FBR & Co upped their price target on shares of Ballard Power Systems from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Wednesday, May 3rd. Finally, BidaskClub upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Ballard Power Systems has a consensus rating of “Hold” and a consensus price target of $3.42.

Shares of Ballard Power Systems (BLDP) traded down 0.69% during mid-day trading on Monday, hitting $2.86. The stock had a trading volume of 516,993 shares. The firm’s 50 day moving average price is $2.82 and its 200-day moving average price is $2.34. Ballard Power Systems has a one year low of $1.35 and a one year high of $3.48. The company’s market cap is $503.46 million.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Monday, May 1st. The technology company reported ($0.02) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.02). The firm had revenue of $22.70 million during the quarter, compared to analysts’ expectations of $23.27 million. Ballard Power Systems had a negative net margin of 15.26% and a negative return on equity of 11.55%. Ballard Power Systems’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, equities research analysts anticipate that Ballard Power Systems will post ($0.06) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently made changes to their positions in BLDP. KCG Holdings Inc. raised its position in shares of Ballard Power Systems by 220.0% in the first quarter. KCG Holdings Inc. now owns 204,521 shares of the technology company’s stock worth $454,000 after buying an additional 140,603 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Ballard Power Systems by 483.1% in the first quarter. Renaissance Technologies LLC now owns 165,600 shares of the technology company’s stock worth $368,000 after buying an additional 137,200 shares in the last quarter. Finally, Bluestein R H & Co. raised its position in shares of Ballard Power Systems by 12.5% in the first quarter. Bluestein R H & Co. now owns 225,000 shares of the technology company’s stock worth $500,000 after buying an additional 25,000 shares in the last quarter. 2.54% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Company Profile

Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications.

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