BMO Capital Markets Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.70

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target cut by BMO Capital Markets from $2.25 to $1.70 in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have an underperform rating on the technology company’s stock.

BLDP has been the subject of several other reports. Jefferies Financial Group dropped 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. National Bankshares decreased their price target on Ballard Power Systems from $4.50 to $4.00 and set a sector perform rating on the stock in a research report on Wednesday, May 8th. Susquehanna cut their price objective on shares of Ballard Power Systems from $3.00 to $2.00 and set a neutral rating for the company in a research report on Tuesday. HSBC decreased their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a buy rating on the stock in a report on Wednesday, May 8th. Finally, TD Securities lowered shares of Ballard Power Systems from a hold rating to a sell rating and reduced their price target for the stock from $2.50 to $1.50 in a research report on Monday. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $3.11.

Ballard Power Systems Price Performance

NASDAQ:BLDP opened at $1.85 on Tuesday. Ballard Power Systems has a 52 week low of $1.77 and a 52 week high of $4.48. The company has a quick ratio of 10.88, a current ratio of 10.90 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $2.33 and its 200 day simple moving average is $2.76.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. The firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The business’s revenue was up 4.6% compared to the same quarter last year. On average, analysts forecast that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Endowment Wealth Management Inc. bought a new stake in Ballard Power Systems during the 1st quarter worth $28,000. Headlands Technologies LLC bought a new stake in shares of Ballard Power Systems during the fourth quarter worth about $31,000. Tidal Investments LLC acquired a new position in shares of Ballard Power Systems in the first quarter valued at approximately $39,000. Scientech Research LLC bought a new position in Ballard Power Systems in the 2nd quarter valued at approximately $52,000. Finally, Daiwa Securities Group Inc. boosted its position in Ballard Power Systems by 149.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after buying an additional 14,415 shares during the period. 28.02% of the stock is currently owned by institutional investors.

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.