Ballard Power Systems (NASDAQ:BLDP) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.11 and traded as high as $4.39. Ballard Power Systems shares last traded at $4.37, with a volume of 8,608,745 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BLDP. Raymond James Financial upped their price objective on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. ATB Cormark Capital Markets lifted their target price on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. Finally, Wells Fargo & Company raised their price target on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Ballard Power Systems currently has an average rating of “Reduce” and a consensus target price of $3.59.

Ballard Power Systems Stock Performance

The business has a 50-day moving average price of $4.29 and a 200-day moving average price of $3.11. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -16.19 and a beta of 2.19. The company has a quick ratio of 9.90, a current ratio of 10.70 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $18.98 million during 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%. As a group, sell-side analysts forecast that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLDP. Rockefeller Capital Management L.P. boosted its holdings in Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after acquiring an additional 6,952 shares in the last quarter. Ground Swell Capital LLC purchased a new stake in shares of Ballard Power Systems during the first quarter worth about $26,000. Swiss Life Asset Management Ltd purchased a new stake in shares of Ballard Power Systems during the fourth quarter worth about $26,000. Intesa Sanpaolo S.p.A. acquired a new position in shares of Ballard Power Systems during the fourth quarter valued at about $28,000. Finally, Cetera Investment Advisers acquired a new position in shares of Ballard Power Systems during the first quarter valued at about $33,000. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

About Ballard Power Systems

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.