Ballard Power Systems (NASDAQ:BLDP) Reaches New 1-Year High – Still a Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $4.88 and last traded at $4.84, with a volume of 1787018 shares changing hands. The stock had previously closed at $4.76.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BLDP. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. TD Cowen boosted their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a report on Wednesday, May 6th. Susquehanna boosted their target price on shares of Ballard Power Systems from $2.60 to $4.25 and gave the company a “neutral” rating in a report on Wednesday. BMO Capital Markets boosted their target price on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a report on Wednesday, May 6th. Finally, Lake Street Capital upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Ballard Power Systems currently has a consensus rating of “Reduce” and a consensus target price of $3.59.

Ballard Power Systems Trading Up 13.1%

The stock has a 50-day simple moving average of $3.11 and a two-hundred day simple moving average of $2.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70. The firm has a market cap of $1.62 billion, a PE ratio of -19.87 and a beta of 1.94.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly 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. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. The firm had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. As a group, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its holdings in Ballard Power Systems by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 13,459,729 shares of the technology company’s stock worth $36,486,000 after acquiring an additional 326,505 shares in the last quarter. Two Sigma Investments LP increased its holdings in Ballard Power Systems by 11.7% in the 3rd quarter. Two Sigma Investments LP now owns 6,282,641 shares of the technology company’s stock worth $17,089,000 after acquiring an additional 657,107 shares in the last quarter. Invesco Ltd. increased its holdings in Ballard Power Systems by 48.6% in the 4th quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock worth $12,621,000 after acquiring an additional 1,625,542 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Ballard Power Systems by 20.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after acquiring an additional 829,012 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Ballard Power Systems by 204.5% in the 4th quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock worth $10,145,000 after purchasing an additional 2,682,355 shares during the period. 28.02% of the stock is owned by hedge funds and other institutional investors.

About Ballard Power Systems

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.