Ballard Power Systems (NASDAQ:BLDP) Trading 6.9% Higher

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) shot up 6.9% during trading on Wednesday . The company traded as high as $2.33 and last traded at $2.32. 506,694 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 2,815,652 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BLDP shares. CIBC cut their price target on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Piper Sandler decreased their target price on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a research report on Wednesday, March 13th. TD Securities raised their price target on shares of Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a report on Wednesday, May 8th. Jefferies Financial Group decreased their price objective on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating for the company in a report on Wednesday, May 8th. Finally, HSBC cut their target price on Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.49.

Ballard Power Systems Trading Up 5.5 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.88 and a current ratio of 11.66. The stock has a market capitalization of $685.60 million, a price-to-earnings ratio of -3.74 and a beta of 1.77. The company’s 50 day moving average is $2.78 and its 200 day moving average is $3.04.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Ballard Power Systems had a negative net margin of 177.82% and a negative return on equity of 15.37%. The firm had revenue of $14.50 million during the quarter, compared to analyst estimates of $17.55 million. During the same period last year, the company earned ($0.11) EPS. The company’s revenue was up 9.8% on a year-over-year basis. On average, research analysts forecast that Ballard Power Systems Inc. will post -0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Ballard Power Systems by 1.7% in the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock valued at $33,476,000 after acquiring an additional 148,321 shares during the period. Van ECK Associates Corp increased its holdings in shares of Ballard Power Systems by 19.8% during the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after buying an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of Ballard Power Systems by 18.2% in the fourth quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after acquiring an additional 321,624 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ballard Power Systems by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after purchasing an additional 89,643 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its position in Ballard Power Systems by 49.5% in the 4th quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock valued at $2,642,000 after purchasing an additional 236,449 shares during the last quarter. Institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

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.