Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price gapped down before the market opened on Friday . The stock had previously closed at $3.19, but opened at $2.94. Ballard Power Systems shares last traded at $3.1450, with a volume of 2,275,246 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BLDP shares. KeyCorp reaffirmed a “sector weight” rating on shares of Ballard Power Systems in a report on Friday. Cowen reiterated a “sell” rating on shares of Ballard Power Systems in a research note on Friday. Wells Fargo & Company boosted their price target on shares of Ballard Power Systems from $1.00 to $1.50 and gave the stock an “underweight” rating in a report on Wednesday, August 13th. UBS Group raised their price target on shares of Ballard Power Systems from $1.40 to $3.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Zacks Research downgraded Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Eleven research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Ballard Power Systems presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Ballard Power Systems Stock Down 1.1%

The firm has a market cap of $948.34 million, a PE ratio of -3.19 and a beta of 1.84. The stock has a 50-day simple moving average of $3.11 and a two-hundred day simple moving average of $2.16. The company has a quick ratio of 8.32, a current ratio of 9.31 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.02. The business had revenue of $17.98 million for the quarter, compared to analyst estimates of $17.94 million. Ballard Power Systems had a negative return on equity of 21.52% and a negative net margin of 409.35%. Analysts expect that Ballard Power Systems, Inc. will post -0.54 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. increased its holdings in Ballard Power Systems by 125.2% during the 2nd quarter. SBI Securities Co. Ltd. now owns 23,553 shares of the technology company’s stock valued at $37,000 after purchasing an additional 13,094 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in shares of Ballard Power Systems during the first quarter valued at approximately $40,000. Vanguard Personalized Indexing Management LLC lifted its stake in Ballard Power Systems by 21.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 30,459 shares of the technology company’s stock worth $48,000 after acquiring an additional 5,482 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Ballard Power Systems by 108.8% in the second quarter. Daiwa Securities Group Inc. now owns 36,792 shares of the technology company’s stock valued at $58,000 after acquiring an additional 19,170 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Ballard Power Systems during the 1st quarter valued at $69,000. 28.02% of the stock is owned by institutional investors.

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 comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.