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

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) have earned an average rating of “Reduce” from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $3.50.

Several analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Friday, July 17th. KeyCorp reaffirmed a “sector weight” rating on shares of Ballard Power Systems in a report on Tuesday, August 4th. Wall Street Zen lowered Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. National Bank Financial set a $4.75 price target on Ballard Power Systems and gave the company a “sector perform” rating in a research note on Wednesday, June 24th. Finally, HSBC raised Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target for the company in a research note on Monday, August 3rd.

Ballard Power Systems Stock Down 1.9%

Shares of NASDAQ BLDP opened at $2.12 on Friday. The company has a 50 day simple moving average of $2.59 and a 200 day simple moving average of $3.25. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36. Ballard Power Systems has a 1 year low of $1.92 and a 1 year high of $6.57. The firm has a market cap of $744.31 million, a PE ratio of -8.15 and a beta of 2.26.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Friday, July 31st. The technology company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The business had revenue of $20.34 million for the quarter, compared to the consensus estimate of $25.24 million. Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. On average, research analysts forecast that Ballard Power Systems will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLDP. TD Waterhouse Canada Inc. raised its position in shares of Ballard Power Systems by 56.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 29,937 shares of the technology company’s stock worth $114,000 after acquiring an additional 10,850 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Ballard Power Systems by 31.6% in the 2nd quarter. Headlands Technologies LLC now owns 190,618 shares of the technology company’s stock valued at $742,000 after purchasing an additional 45,774 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Ballard Power Systems by 22.2% during the 2nd quarter. Benjamin Edwards Inc. now owns 132,904 shares of the technology company’s stock valued at $517,000 after purchasing an additional 24,114 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Ballard Power Systems by 323.8% during the 2nd quarter. Hsbc Holdings PLC now owns 254,913 shares of the technology company’s stock valued at $992,000 after purchasing an additional 194,768 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Ballard Power Systems during the second quarter worth approximately $2,070,000. Institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and systems. Its technology converts hydrogen and oxygen into electricity, with water and heat as byproducts, offering an alternative to conventional power systems for applications that require low-emission operation.

The company focuses primarily on heavy-duty mobility markets, including transit buses, commercial trucks, trains, and marine vessels. Ballard also supplies fuel cell products for stationary power applications and provides related engineering, integration, service, and support capabilities.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners in North America, Europe, Asia, and other international markets.