Ballard Power Systems, Inc. (BLDP) Upgraded to “Buy” by Zacks Investment Research
Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $5.50 target price on the technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.00% from the company’s previous close.
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. “
Other equities research analysts also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target (up from $3.00) on shares of Ballard Power Systems in a research report on Friday, September 15th. FBR & Co reaffirmed a “buy” rating on shares of Ballard Power Systems in a research report on Wednesday, September 6th. BidaskClub raised Ballard Power Systems from a “hold” rating to a “buy” rating in a research report on Friday, July 14th. Cowen and Company set a $3.00 price target on Ballard Power Systems and gave the company a “hold” rating in a research report on Monday, August 14th. Finally, Roth Capital set a $3.00 price target on Ballard Power Systems and gave the company a “hold” rating in a research report on Monday, July 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $5.00.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in shares of Ballard Power Systems by 16.9% in the second quarter. First Trust Advisors LP now owns 181,943 shares of the technology company’s stock valued at $528,000 after buying an additional 26,314 shares during the period. First Manhattan Co. bought a new stake in shares of Ballard Power Systems in the third quarter valued at about $126,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ballard Power Systems in the second quarter valued at about $105,000. Renaissance Technologies LLC lifted its stake 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 valued at $368,000 after buying an additional 137,200 shares during the period. Finally, KCG Holdings Inc. lifted its stake 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 valued at $454,000 after buying an additional 140,603 shares during the period. Institutional investors and hedge funds own 2.80% of the company’s stock.
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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