Ballard Power Systems (NASDAQ:BLDP) Downgraded to Hold Rating by Lake Street Capital

Lake Street Capital cut shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a buy rating to a hold rating in a research note issued to investors on Monday, MarketBeat.com reports.

BLDP has been the topic of a number of other research reports. Citigroup reaffirmed a “sell” rating and set a $1.00 target price (down previously from $1.50) on shares of Ballard Power Systems in a report on Thursday, April 17th. Wall Street Zen upgraded Ballard Power Systems to a “sell” rating in a research report on Thursday, May 8th. UBS Group dropped their price target on Ballard Power Systems from $2.00 to $1.40 and set a “neutral” rating on the stock in a research report on Monday, May 12th. Susquehanna increased their price target on Ballard Power Systems from $1.30 to $2.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Finally, National Bank Financial upgraded Ballard Power Systems to a “hold” rating in a research report on Sunday, June 8th. Seven analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.12.

Ballard Power Systems Trading Down 0.3%

NASDAQ:BLDP opened at $1.80 on Monday. The company has a quick ratio of 8.13, a current ratio of 9.00 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $1.73 and its two-hundred day moving average is $1.44. Ballard Power Systems has a 52 week low of $1.00 and a 52 week high of $2.28. The company has a market cap of $538.27 million, a PE ratio of -1.76 and a beta of 1.76.

Hedge Funds Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. boosted its stake in Ballard Power Systems by 63.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 80,462 shares of the technology company’s stock valued at $128,000 after purchasing an additional 31,141 shares in the last quarter. SG Americas Securities LLC boosted its stake in Ballard Power Systems by 15.9% during the 2nd quarter. SG Americas Securities LLC now owns 169,622 shares of the technology company’s stock valued at $270,000 after purchasing an additional 23,252 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Ballard Power Systems by 23.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,240,381 shares of the technology company’s stock valued at $1,972,000 after purchasing an additional 237,606 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Ballard Power Systems by 12.8% during the 2nd quarter. TD Asset Management Inc now owns 331,557 shares of the technology company’s stock valued at $530,000 after purchasing an additional 37,557 shares in the last quarter. 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.