Ballard Power Systems, Inc. (NASDAQ:BLDP) Receives $3.51 Consensus Price Target from Analysts

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) has received an average recommendation of “Reduce” from the fifteen analysts that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $3.5083.

Several research analysts recently weighed in on BLDP shares. Wells Fargo & Company raised their target price on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Monday, April 20th. National Bank Financial raised their target price on Ballard Power Systems from $3.15 to $4.75 and gave the company a “sector perform” rating in a research note on Wednesday, May 6th. Raymond James Financial raised their target price on Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a research note on Wednesday, May 6th. Finally, BMO Capital Markets raised their target price on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. boosted its position in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock valued at $25,000 after purchasing an additional 6,952 shares during the period. Swiss Life Asset Management Ltd acquired a new position in shares of Ballard Power Systems in the 4th quarter valued at $26,000. Ground Swell Capital LLC acquired a new position in shares of Ballard Power Systems in the 1st quarter valued at $26,000. Intesa Sanpaolo S.p.A. acquired a new position in shares of Ballard Power Systems in the 4th quarter valued at $28,000. Finally, Cetera Investment Advisers acquired a new position in shares of Ballard Power Systems in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Trading Down 0.5%

Shares of BLDP stock opened at $4.14 on Friday. The stock has a 50-day simple moving average of $2.88 and a 200 day simple moving average of $2.76. Ballard Power Systems has a fifty-two week low of $1.24 and a fifty-two week high of $4.86. The stock has a market capitalization of $1.25 billion, a P/E ratio of -15.33 and a beta of 1.94. 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 announced its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%.The business had revenue of $18.98 million during the quarter, compared to analysts’ expectations of $19.88 million. On average, sell-side analysts expect that Ballard Power Systems will post -0.19 earnings per share for the current fiscal 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.