Ballard Power Systems (NASDAQ:BLDP) Lowered to Hold Rating by Zacks Research

Zacks Research downgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday, July 17th. KeyCorp restated a “sector weight” rating on shares of Ballard Power Systems in a research note on Tuesday, August 4th. Wall Street Zen cut Ballard Power Systems from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. BMO Capital Markets lifted their target price on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a report on Wednesday, May 6th. Finally, Raymond James Financial boosted their target price on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Ballard Power Systems presently has an average rating of “Reduce” and an average target price of $3.50.

Ballard Power Systems Stock Up 1.3%

Shares of NASDAQ:BLDP opened at $2.40 on Thursday. The firm has a market capitalization of $723.62 million, a PE ratio of -9.23 and a beta of 2.29. Ballard Power Systems has a 1 year low of $1.83 and a 1 year high of $6.57. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36. The firm’s 50-day moving average is $3.13 and its two-hundred day moving average is $3.22.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The business had revenue of $20.34 million during the quarter, compared to analysts’ expectations of $25.24 million. Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. Analysts predict that Ballard Power Systems will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new stake in Ballard Power Systems during the 1st quarter worth about $1,362,000. Dimensional Fund Advisors LP boosted its position in shares of Ballard Power Systems by 18.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,831,549 shares of the technology company’s stock worth $4,431,000 after acquiring an additional 283,684 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of Ballard Power Systems by 108.5% in the 4th quarter. GSA Capital Partners LLP now owns 709,304 shares of the technology company’s stock valued at $1,802,000 after acquiring an additional 369,137 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in shares of Ballard Power Systems in the 1st quarter valued at about $548,000. Finally, Leonteq Securities AG acquired a new stake in shares of Ballard Power Systems during the 4th quarter worth about $319,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

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.