Ballard Power Systems Inc. (NASDAQ:BLDP) Given Consensus Rating of “Reduce” by Brokerages

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) have been given an average rating of “Reduce” by the fourteen brokerages that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $3.97.

A number of research firms have recently weighed in on BLDP. TD Securities cut their price objective on Ballard Power Systems from $3.75 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, March 12th. Citigroup cut their price objective on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Piper Sandler cut their price objective on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a research report on Wednesday, March 13th. Raymond James cut their price objective on Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 13th. Finally, Jefferies Financial Group cut their price objective on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a research report on Tuesday, January 30th.

Ballard Power Systems Price Performance

Shares of NASDAQ BLDP opened at $2.78 on Monday. The firm has a market cap of $831.14 million, a price-to-earnings ratio of -4.71 and a beta of 1.67. The company has a quick ratio of 11.60, a current ratio of 12.25 and a debt-to-equity ratio of 0.01. Ballard Power Systems has a 52-week low of $2.66 and a 52-week high of $5.68. The business’s 50 day moving average is $3.08 and its two-hundred day moving average is $3.40.

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

Institutional Trading of Ballard Power Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of BLDP. Vanguard Group Inc. grew its holdings in shares of Ballard Power Systems by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 9,218,835 shares of the technology company’s stock worth $34,110,000 after purchasing an additional 97,362 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Ballard Power Systems by 2.8% during the fourth quarter. Legal & General Group Plc now owns 5,970,284 shares of the technology company’s stock worth $22,231,000 after purchasing an additional 162,845 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Ballard Power Systems by 27.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after purchasing an additional 849,311 shares during the last quarter. Norges Bank purchased a new position in shares of Ballard Power Systems during the fourth quarter worth about $17,983,000. Finally, Morgan Stanley grew its holdings in shares of Ballard Power Systems by 20.9% during the fourth quarter. Morgan Stanley now owns 3,688,259 shares of the technology company’s stock worth $17,667,000 after purchasing an additional 638,824 shares during the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.