Ballard Power Systems, Inc. (NASDAQ:BLDP) Given Average Recommendation of “Reduce” by Brokerages

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) have received a consensus rating of “Reduce” from the fifteen brokerages that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $3.5875.

A number of brokerages recently weighed in on BLDP. National Bank Financial upped their target price on shares of Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a research note on Wednesday, May 6th. ATB Cormark Capital Markets upped their target price on shares of Ballard Power Systems from $3.50 to $4.30 and gave the stock a “sector perform” rating in a research note on Wednesday, May 6th. TD Cowen upped their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Wells Fargo & Company upped their target price on shares of Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Friday, March 27th. Finally, BMO Capital Markets upped their target price on shares of Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Ballard Power Systems by 45.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 692,201 shares of the technology company’s stock worth $1,883,000 after purchasing an additional 215,954 shares during the period. Leonteq Securities AG acquired a new position in shares of Ballard Power Systems during the 4th quarter worth about $319,000. GSA Capital Partners LLP boosted its stake in shares of Ballard Power Systems by 108.5% during the 4th quarter. GSA Capital Partners LLP now owns 709,304 shares of the technology company’s stock worth $1,802,000 after buying an additional 369,137 shares during the last quarter. Miller Howard Investments Inc. NY acquired a new position in shares of Ballard Power Systems during the 1st quarter worth about $70,000. Finally, J. Derek Lewis & Associates Inc. acquired a new position in shares of Ballard Power Systems during the 4th quarter worth about $117,000. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

BLDP opened at $6.38 on Wednesday. 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 has a 12 month low of $1.25 and a 12 month high of $6.57. The company has a fifty day simple moving average of $3.67 and a 200 day simple moving average of $2.93. The stock has a market cap of $1.92 billion, a P/E ratio of -23.63 and a beta of 2.19.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 78.60% and a negative return on equity of 13.48%. On average, research analysts expect that Ballard Power Systems will post -0.19 EPS for the current year.

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.