Ballard Power Systems (NASDAQ:BLDP) Shares Down 6% – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) traded down 6% on Friday . The company traded as low as $2.80 and last traded at $2.76. 1,772,690 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 8,266,876 shares. The stock had previously closed at $2.93.

Wall Street Analyst Weigh In

BLDP has been the topic of several analyst reports. National Bank Financial upgraded Ballard Power Systems to a “hold” rating in a research report on Sunday, June 8th. BMO Capital Markets lifted their price target on shares of Ballard Power Systems from $1.00 to $1.10 and gave the company an “underperform” rating in a report on Tuesday, August 12th. Wells Fargo & Company increased their target price on shares of Ballard Power Systems from $1.00 to $1.50 and gave the company an “underweight” rating in a research note on Wednesday, August 13th. Susquehanna raised their price objective on shares of Ballard Power Systems from $1.30 to $2.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Finally, Lake Street Capital lowered shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a research note on Monday, August 11th. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Ballard Power Systems currently has an average rating of “Reduce” and a consensus target price of $1.51.

Ballard Power Systems Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.32 and a current ratio of 9.31. The firm has a fifty day simple moving average of $2.08 and a two-hundred day simple moving average of $1.63. The firm has a market cap of $826.60 million, a PE ratio of -2.78 and a beta of 1.73.

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, beating analysts’ consensus estimates of ($0.10) by $0.02. Ballard Power Systems had a negative return on equity of 21.52% and a negative net margin of 409.35%.The business had revenue of $17.98 million during the quarter, compared to analyst estimates of $17.94 million. Equities analysts predict that Ballard Power Systems, Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its position in shares of Ballard Power Systems by 104.2% during the 2nd quarter. Legal & General Group Plc now owns 13,133,224 shares of the technology company’s stock valued at $20,977,000 after purchasing an additional 6,701,756 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Ballard Power Systems by 117.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company’s stock valued at $4,327,000 after acquiring an additional 1,467,547 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ballard Power Systems by 20.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after purchasing an additional 829,012 shares during the period. Two Sigma Investments LP raised its holdings in shares of Ballard Power Systems by 58.4% during the fourth quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company’s stock worth $2,977,000 after acquiring an additional 661,413 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in Ballard Power Systems by 56.2% during the first quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock valued at $1,635,000 after purchasing an additional 534,834 shares in the last quarter. 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 comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.