Ballard Power Systems (NASDAQ:BLDP) Trading Up 8.7% – Time to Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares were up 8.7% during mid-day trading on Friday . The stock traded as high as $4.45 and last traded at $4.4890. Approximately 17,752,967 shares traded hands during trading, an increase of 312% from the average daily volume of 4,311,874 shares. The stock had previously closed at $4.13.

Analysts Set New Price Targets

Several research analysts have recently commented on BLDP shares. ATB Cormark Capital Markets raised their price objective on shares of Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. BMO Capital Markets raised their price target on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th. TD Cowen boosted their price target on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Finally, Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and upped their price objective for the stock from $3.00 to $5.00 in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ballard Power Systems presently has a consensus rating of “Reduce” and an average price target of $3.51.

Ballard Power Systems Price Performance

The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -16.63 and a beta of 1.94. The stock’s fifty day moving average price is $2.92 and its two-hundred day moving average price is $2.77. The company has a current ratio of 10.70, a quick ratio of 9.90 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $18.98 million for the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. Equities research analysts expect that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its holdings in Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 6,952 shares in the last quarter. Amundi raised its stake in Ballard Power Systems by 16.1% during the 1st quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares in the last quarter. Vontobel Holding Ltd. lifted its position in Ballard Power Systems by 27.7% in the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock valued at $118,000 after acquiring an additional 10,000 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in Ballard Power Systems in the fourth quarter valued at $26,000. Finally, Ground Swell Capital LLC acquired a new position in Ballard Power Systems in the first quarter valued at $26,000. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

Ballard Power Systems Company Profile

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.