Ballard Power Systems (NASDAQ:BLDP) Rating Lowered to “Hold” at Zacks Research

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

BLDP has been the subject of a number of other reports. HSBC upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target for the company in a report on Monday, August 3rd. Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.00 to $5.00 in a report on Tuesday, May 5th. Wall Street Zen cut shares of Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. National Bank Financial set a $4.75 price objective on shares of Ballard Power Systems and gave the company a “sector perform” rating in a research note on Wednesday, June 24th. Finally, Susquehanna dropped their target price on shares of Ballard Power Systems from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $3.50.

Ballard Power Systems Price Performance

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

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

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its stake in Ballard Power Systems by 228.1% in 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 purchased a new position in Ballard Power Systems during the 4th quarter valued at $26,000. Ground Swell Capital LLC purchased a new position in Ballard Power Systems during the 1st quarter valued at $26,000. Farringdon Capital Ltd. bought a new position in Ballard Power Systems in the 2nd quarter worth $41,000. Finally, Intesa Sanpaolo S.p.A. bought a new position in Ballard Power Systems in the 4th quarter worth $28,000. Institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.