Ballard Power Systems (NASDAQ:BLDP) Trading Down 5.8% on Analyst Downgrade

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shares were down 5.8% on Wednesday after Raymond James lowered their price target on the stock from $4.00 to $3.00. Raymond James currently has a market perform rating on the stock. Ballard Power Systems traded as low as $1.85 and last traded at $1.86. Approximately 1,666,686 shares were traded during trading, a decline of 41% from the average daily volume of 2,820,690 shares. The stock had previously closed at $1.97.

A number of other brokerages have also commented on BLDP. BMO Capital Markets reduced their price target on shares of Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research note on Tuesday. HSBC reduced their price target on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating for the company in a research note on Wednesday, May 8th. CIBC reiterated an “underperformer” rating and issued a $1.60 price target (down from $3.50) on shares of Ballard Power Systems in a research note on Tuesday. Cibc World Mkts lowered shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Finally, Truist Financial reduced their price target on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.11.

Institutional Investors Weigh In On Ballard Power Systems

A number of large investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new stake in Ballard Power Systems in the second quarter valued at approximately $91,000. MQS Management LLC purchased a new stake in Ballard Power Systems in the second quarter valued at approximately $79,000. XTX Topco Ltd purchased a new stake in Ballard Power Systems in the second quarter valued at approximately $154,000. Hsbc Holdings PLC boosted its position in Ballard Power Systems by 76.6% in the second quarter. Hsbc Holdings PLC now owns 116,616 shares of the technology company’s stock valued at $263,000 after buying an additional 50,592 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in Ballard Power Systems by 149.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after purchasing an additional 14,415 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Trading Down 6.2 %

The company has a current ratio of 11.66, a quick ratio of 10.88 and a debt-to-equity ratio of 0.03. The company has a 50-day simple moving average of $2.37 and a 200 day simple moving average of $2.77. The firm has a market cap of $553.16 million, a PE ratio of -3.03 and a beta of 1.77.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

Ballard Power Systems Company Profile

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.