Brokerages Set Ballard Power Systems, Inc. (NASDAQ:BLDP) Target Price at $3.59

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) have been assigned an average recommendation of “Reduce” from the fifteen ratings firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $3.5875.

A number of equities research analysts recently issued reports on BLDP shares. Wells Fargo & Company raised their price target on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Friday, March 27th. ATB Cormark Capital Markets upped their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Monday, April 20th. Susquehanna lifted their target price on Ballard Power Systems from $2.60 to $4.25 and gave the stock a “neutral” rating in a research report on Wednesday, May 20th. Finally, Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $3.00 to $5.00 in a research note on Tuesday, May 5th.

Ballard Power Systems Stock Performance

Ballard Power Systems stock opened at $3.52 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.70 and a quick ratio of 9.90. The firm has a market capitalization of $1.06 billion, a P/E ratio of -13.04 and a beta of 2.25. Ballard Power Systems has a 1-year low of $1.65 and a 1-year high of $6.57. The company’s 50-day moving average is $4.49 and its 200 day moving average is $3.19.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. Research analysts forecast that Ballard Power Systems will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Large investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its position in shares of Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after acquiring an additional 6,952 shares during the period. Swiss Life Asset Management Ltd bought a new stake in shares of Ballard Power Systems during the fourth quarter valued at approximately $26,000. Ground Swell Capital LLC purchased a new stake in shares of Ballard Power Systems in the first quarter valued at approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new stake in shares of Ballard Power Systems in the fourth quarter valued at approximately $28,000. Finally, Cetera Investment Advisers bought a new position in Ballard Power Systems in the first quarter worth approximately $33,000. 28.02% of the stock is owned by hedge funds and other institutional investors.

About Ballard Power Systems

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.