Ballard Power Systems, Inc. (BLDP) Earns “Buy” Rating from FBR & Co
Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)‘s stock had its “buy” rating reaffirmed by analysts at FBR & Co in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They currently have a $6.00 price target on the technology company’s stock, up from their previous price target of $3.50. FBR & Co’s price objective indicates a potential upside of 24.74% from the stock’s previous close.
The analysts wrote, “Analyst day highlights robust China mobility opportunity. We attended Ballard’s investor day in New York last Thursday and we see a vastly different company than two years ago when the company last held such an event. We highlight the following key takeaways. First, we believe the company is on a path to consistent profitability with steady cost reductions and boasts a record order book. Second, Ballard’s deep and broad fuel cell knowledge and expertise sets them apart in the sector, as highlighted by their partner Broad-Ocean Motor. Third, heavy-duty (HD) motive opportunities abound within China, Europe and eventually Japan and the U.S., a $5B TAM. Fourth, commercial sales of unmanned aerial vehicles should be another source of growth. The electrification of heavy-duty mobility yield high- margin sales, typically 30%-plus gross margins, and we believe China is in the early stages of deploying commercial electric vehicles (buses, trams trucks, etc.) to promote cleaner transportation. Ultimately we believe Ballard’s position in China is ahead of its competitors and its addressable market opportunities are expanding.””
Other analysts also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price (up from $3.00) on shares of Ballard Power Systems in a research note on Friday, September 15th. Zacks Investment Research raised Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Tuesday, August 8th. BidaskClub raised Ballard Power Systems from a “hold” rating to a “buy” rating in a research note on Friday, July 14th. Cowen and Company set a $3.00 target price on Ballard Power Systems and gave the stock a “hold” rating in a research note on Monday, August 14th. Finally, Roth Capital set a $3.00 target price on Ballard Power Systems and gave the stock a “hold” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $4.55.
Ballard Power Systems (BLDP) traded up 2.45% on Monday, reaching $4.81. 2,569,580 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $3.19 and a 200 day moving average price of $2.83. Ballard Power Systems has a one year low of $1.61 and a one year high of $5.06. The firm’s market cap is $848.21 million.
Several institutional investors and hedge funds have recently modified their holdings of the business. Bluestein R H & Co. increased its stake in shares of Ballard Power Systems by 12.5% in the 1st quarter. Bluestein R H & Co. now owns 225,000 shares of the technology company’s stock worth $500,000 after acquiring an additional 25,000 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Ballard Power Systems by 16.9% in the 2nd quarter. First Trust Advisors LP now owns 181,943 shares of the technology company’s stock worth $528,000 after acquiring an additional 26,314 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ballard Power Systems in the 2nd quarter worth $105,000. Renaissance Technologies LLC increased its position in shares of Ballard Power Systems by 483.1% during the 1st quarter. Renaissance Technologies LLC now owns 165,600 shares of the technology company’s stock worth $368,000 after purchasing an additional 137,200 shares during the last quarter. Finally, KCG Holdings Inc. increased its position in shares of Ballard Power Systems by 220.0% during the 1st quarter. KCG Holdings Inc. now owns 204,521 shares of the technology company’s stock worth $454,000 after purchasing an additional 140,603 shares during the last quarter. 2.81% 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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