Ballard Power Systems (NASDAQ:BLDP) Hits New 12-Month Low at $2.64

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.64 and last traded at $2.70, with a volume of 209927 shares changing hands. The stock had previously closed at $2.69.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BLDP. TD Securities dropped their target price on shares of Ballard Power Systems from $3.75 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, March 12th. Citigroup dropped their target price on shares of Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Piper Sandler dropped their target price on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a research report on Wednesday, March 13th. Jefferies Financial Group lowered their price target on shares of Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a research report on Tuesday, January 30th. Finally, Raymond James dropped their price objective on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating for the company in a research note on Wednesday, March 13th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Ballard Power Systems currently has a consensus rating of “Hold” and a consensus target price of $3.97.

Ballard Power Systems Price Performance

The firm’s 50 day moving average price is $3.01 and its two-hundred day moving average price is $3.33. The company has a quick ratio of 11.60, a current ratio of 12.25 and a debt-to-equity ratio of 0.01.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Monday, March 11th. The technology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The company had revenue of $46.80 million during the quarter, compared to analyst estimates of $26.32 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. The business’s revenue was up 131.7% compared to the same quarter last year. As a group, equities analysts forecast that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Ballard Power Systems by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 9,218,835 shares of the technology company’s stock worth $34,110,000 after acquiring an additional 97,362 shares during the last quarter. Legal & General Group Plc lifted its holdings in Ballard Power Systems by 2.8% during the 4th quarter. Legal & General Group Plc now owns 5,970,284 shares of the technology company’s stock worth $22,231,000 after buying an additional 162,845 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Ballard Power Systems by 27.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after buying an additional 849,311 shares in the last quarter. Norges Bank acquired a new stake in Ballard Power Systems during the 4th quarter worth approximately $17,983,000. Finally, Morgan Stanley lifted its holdings in Ballard Power Systems by 20.9% during the 4th quarter. Morgan Stanley now owns 3,688,259 shares of the technology company’s stock worth $17,667,000 after buying an additional 638,824 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Company Profile

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.