Ballard Power Systems (NASDAQ:BLDP) Price Target Raised to $2.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target raised by Wells Fargo & Company from $1.50 to $2.00 in a research note released on Friday morning,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

A number of other research firms have also recently weighed in on BLDP. TD Cowen raised Ballard Power Systems from a “sell” rating to a “hold” rating in a report on Friday, January 9th. TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 target price on the stock in a research report on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Wednesday, January 21st. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $2.48.

Ballard Power Systems Trading Down 0.4%

Shares of NASDAQ:BLDP opened at $2.38 on Friday. The company has a market cap of $715.88 million, a PE ratio of -7.93 and a beta of 1.78. The company’s 50-day moving average price is $2.31 and its 200 day moving average price is $2.74. Ballard Power Systems has a fifty-two week low of $1.00 and a fifty-two week high of $4.10. The company has a quick ratio of 9.14, a current ratio of 9.86 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Thursday, March 12th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Ballard Power Systems had a negative net margin of 91.50% and a negative return on equity of 14.62%. The firm had revenue of $33.28 million during the quarter, compared to analyst estimates of $32.24 million. Sell-side analysts anticipate that Ballard Power Systems will post -0.54 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Ballard Power Systems by 29.1% in the first quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after buying an additional 156,014 shares during the period. Amundi grew its holdings in Ballard Power Systems by 16.1% during the first quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Ballard Power Systems by 20.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after purchasing an additional 829,012 shares in the last quarter. Jane Street Group LLC raised its holdings in Ballard Power Systems by 56.2% during the 1st quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock worth $1,635,000 after buying an additional 534,834 shares during the period. Finally, SG Americas Securities LLC raised its position in Ballard Power Systems by 15.9% during the second quarter. SG Americas Securities LLC now owns 169,622 shares of the technology company’s stock valued at $270,000 after buying an additional 23,252 shares during the period. 28.02% of the stock is owned by institutional investors.

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.