Cormark Has Optimistic Outlook of BLDP FY2024 Earnings

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) – Equities researchers at Cormark boosted their FY2024 EPS estimates for shares of Ballard Power Systems in a note issued to investors on Wednesday, November 6th. Cormark analyst M. Whale now expects that the technology company will post earnings of ($0.39) per share for the year, up from their previous forecast of ($0.49). Cormark has a “Market Perform” rating on the stock. The consensus estimate for Ballard Power Systems’ current full-year earnings is ($0.48) per share. Cormark also issued estimates for Ballard Power Systems’ Q4 2024 earnings at ($0.14) EPS, Q3 2025 earnings at ($0.09) EPS and FY2025 earnings at ($0.41) EPS.

A number of other equities analysts have also recently issued reports on BLDP. CIBC cut their target price on shares of Ballard Power Systems from $1.60 to $1.40 and set an “underperformer” rating on the stock in a report on Wednesday. Lake Street Capital reduced their price objective on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Wells Fargo & Company dropped their target price on Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 13th. Susquehanna reduced their price target on shares of Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, October 16th. Finally, Hsbc Global Res cut shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ballard Power Systems currently has a consensus rating of “Hold” and an average price target of $2.87.

Ballard Power Systems Stock Performance

BLDP stock opened at $1.34 on Friday. The stock’s 50 day simple moving average is $1.68 and its 200 day simple moving average is $2.21. Ballard Power Systems has a 12-month low of $1.32 and a 12-month high of $4.02. The firm has a market cap of $401.22 million, a P/E ratio of -1.22 and a beta of 1.78. The company has a current ratio of 9.01, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 357.78% and a negative return on equity of 19.96%. The firm had revenue of $16.00 million for 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. The firm’s quarterly revenue was up 4.6% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Endowment Wealth Management Inc. bought a new stake in Ballard Power Systems during the 1st quarter valued at approximately $28,000. Tidal Investments LLC acquired a new stake in Ballard Power Systems in the 1st quarter worth $39,000. Scientech Research LLC acquired a new stake in Ballard Power Systems in the 2nd quarter worth $52,000. Daiwa Securities Group Inc. increased its holdings in shares of 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 purchasing an additional 14,415 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in shares of Ballard Power Systems during the first quarter valued at about $59,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.