Ballard Power Systems (NASDAQ:BLDP) Downgraded to “Sell” at TD Securities

TD Securities cut shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a sell rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have $1.50 target price on the technology company’s stock, down from their previous target price of $2.50.

BLDP has been the subject of several other research reports. Jefferies Financial Group decreased their price objective on Ballard Power Systems from $3.50 to $3.25 and set a hold rating for the company in a report on Wednesday, May 8th. Wells Fargo & Company decreased their price target on Ballard Power Systems from $3.50 to $3.00 and set an underweight rating for the company in a report on Thursday, May 9th. CIBC reduced their price objective on shares of Ballard Power Systems from $3.75 to $3.50 and set a neutral rating for the company in a research report on Wednesday, May 8th. Truist Financial restated a hold rating and set a $3.00 price target (down previously from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Finally, HSBC decreased their price objective on Ballard Power Systems from $4.10 to $3.80 and set a buy rating for the company in a report on Wednesday, May 8th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ballard Power Systems has a consensus rating of Hold and a consensus target price of $3.11.

Ballard Power Systems Price Performance

Shares of BLDP opened at $1.83 on Monday. The stock has a market cap of $547.89 million, a PE ratio of -2.95 and a beta of 1.77. The business has a 50-day simple moving average of $2.35 and a two-hundred day simple moving average of $2.77. The company has a quick ratio of 10.88, a current ratio of 11.66 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a 12-month low of $1.77 and a 12-month high of $4.63.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 177.82% and a negative return on equity of 15.37%. The company had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $19.36 million. During the same period in the prior year, the company posted ($0.10) earnings per share. Ballard Power Systems’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts anticipate that Ballard Power Systems will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ballard Power Systems by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock worth $3,222,000 after purchasing an additional 89,643 shares in the last quarter. Virtu Financial LLC purchased a new stake in Ballard Power Systems in the fourth quarter worth about $192,000. Jump Financial LLC bought a new position in Ballard Power Systems during the 4th quarter valued at approximately $1,086,000. CIBC Asset Management Inc raised its position in shares of Ballard Power Systems by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after purchasing an additional 7,060 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Ballard Power Systems by 19.8% in the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after purchasing an additional 353,098 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.