Brokerages Set Ballard Power Systems, Inc. (NASDAQ:BLDP) PT at $3.50

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) has earned an average rating of “Hold” from the fifteen research firms that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $3.50.

BLDP has been the topic of several analyst reports. BMO Capital Markets increased their target price on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research note on Wednesday, May 6th. TD Cowen boosted their target price on Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Friday, July 17th. Zacks Research upgraded shares of Ballard Power Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, HSBC upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target on the stock in a research report on Monday, August 3rd.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in shares of Ballard Power Systems in the 1st quarter valued at $1,362,000. Dimensional Fund Advisors LP raised its stake in 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 buying an additional 283,684 shares during the period. GSA Capital Partners LLP raised its stake in Ballard Power Systems by 108.5% during the 4th quarter. GSA Capital Partners LLP now owns 709,304 shares of the technology company’s stock worth $1,802,000 after buying an additional 369,137 shares during the period. Counterpoint Mutual Funds LLC bought a new position in Ballard Power Systems during the first quarter worth about $548,000. Finally, Leonteq Securities AG bought a new position in Ballard Power Systems during the fourth quarter worth about $319,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $2.50 on Monday. The firm has a fifty day moving average of $3.20 and a two-hundred day moving average of $3.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.36 and a current ratio of 11.19. The stock has a market capitalization of $753.77 million, a price-to-earnings ratio of -9.62 and a beta of 2.29. Ballard Power Systems has a 52 week low of $1.82 and a 52 week high of $6.57.

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

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.