Ballard Power Systems (NASDAQ:BLDP) Reaches New 52-Week Low at $2.66

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.66 and last traded at $2.66, with a volume of 1613925 shares changing hands. The stock had previously closed at $2.72.

Analyst Ratings Changes

BLDP has been the subject of several recent analyst reports. Piper Sandler lowered their price target on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a report on Wednesday, March 13th. TD Securities cut their price objective on Ballard Power Systems from $3.75 to $3.00 and set a “hold” rating for the company in a research report on Tuesday, March 12th. Raymond James dropped their price objective on Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating for the company in a report on Wednesday, March 13th. Citigroup decreased their price target on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, February 27th. Finally, Jefferies Financial Group cut their target price on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems currently has a consensus rating of “Hold” and an average price target of $3.97.

Ballard Power Systems Stock Performance

The company has a current ratio of 12.25, a quick ratio of 11.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $831.14 million, a PE ratio of -4.71 and a beta of 1.67. The business’s 50 day simple moving average is $3.08 and its two-hundred day simple moving average is $3.41.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Monday, March 11th. The technology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The company had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $26.32 million. During the same quarter last year, the company earned ($0.12) earnings per share. The company’s revenue for the quarter was up 131.7% on a year-over-year basis. Research analysts expect that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BLDP. Norges Bank bought a new position in shares of Ballard Power Systems in the 4th quarter valued at about $17,983,000. Millennium Management LLC increased its holdings in Ballard Power Systems by 580.6% during the second quarter. Millennium Management LLC now owns 3,352,040 shares of the technology company’s stock valued at $21,140,000 after buying an additional 2,859,528 shares during the period. Renaissance Technologies LLC acquired a new stake in Ballard Power Systems in the first quarter valued at approximately $25,988,000. Legal & General Group Plc lifted its stake in shares of Ballard Power Systems by 31.3% during the fourth quarter. Legal & General Group Plc now owns 4,253,396 shares of the technology company’s stock worth $20,342,000 after buying an additional 1,014,539 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in shares of Ballard Power Systems by 38.4% during the first quarter. Allianz Asset Management GmbH now owns 3,249,662 shares of the technology company’s stock worth $37,855,000 after buying an additional 902,351 shares during the period. Institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and power generation.