Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 3.7% – Should You Buy?

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price shot up 3.7% during mid-day trading on Monday . The stock traded as high as $1.70 and last traded at $1.68. 1,318,174 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,269,669 shares. The stock had previously closed at $1.62.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Hsbc Global Res lowered shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. HSBC downgraded Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. StockNews.com upgraded Ballard Power Systems to a “sell” rating in a research note on Friday, November 1st. Citigroup lowered their target price on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Finally, Susquehanna dropped their target price on shares of Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.77.

Ballard Power Systems Stock Performance

The firm has a market cap of $509.02 million, a price-to-earnings ratio of -1.55 and a beta of 1.72. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19. The firm has a fifty day simple moving average of $1.52 and a two-hundred day simple moving average of $1.87.

Hedge Funds Weigh In On Ballard Power Systems

Several hedge funds have recently made changes to their positions in BLDP. Garden State Investment Advisory Services LLC purchased a new position in shares of Ballard Power Systems in the third quarter worth about $119,000. Tidal Investments LLC lifted its holdings in Ballard Power Systems by 17.1% in the third quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock valued at $477,000 after acquiring an additional 38,616 shares during the period. Virtu Financial LLC acquired a new stake in shares of Ballard Power Systems during the 3rd quarter worth approximately $135,000. Toronto Dominion Bank raised its position in shares of Ballard Power Systems by 300.0% during the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock worth $50,000 after purchasing an additional 20,949 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Ballard Power Systems by 51.0% in the 3rd quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company’s stock valued at $779,000 after buying an additional 146,104 shares in the last quarter. 28.02% of the stock is 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.