Ballard Power Systems (NASDAQ:BLDP) Upgraded to “Buy” at Lake Street Capital

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was upgraded by equities research analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $5.00 price objective on the technology company’s stock. Lake Street Capital’s price target would suggest a potential upside of 23.00% from the company’s previous close.

Several other research firms also recently commented on BLDP. Wells Fargo & Company raised their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price target on the stock in a research note on Friday, January 9th. Finally, TD Cowen upgraded Ballard Power Systems from a “sell” rating to a “hold” rating in a report on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Ballard Power Systems has an average rating of “Reduce” and a consensus price target of $2.98.

Ballard Power Systems Trading Up 23.6%

BLDP stock traded up $0.78 during mid-day trading on Tuesday, reaching $4.07. The company had a trading volume of 14,679,086 shares, compared to its average volume of 3,544,333. The company has a market capitalization of $1.23 billion, a PE ratio of -13.55 and a beta of 1.94. The firm has a 50 day moving average of $2.57 and a 200 day moving average of $2.72. Ballard Power Systems has a 12 month low of $1.18 and a 12 month high of $4.17. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.86 and a quick ratio of 9.14.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Ballard Power Systems had a negative net margin of 91.50% and a negative return on equity of 14.62%. On average, equities analysts predict that Ballard Power Systems will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its position 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 buying an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new position in shares of Ballard Power Systems during the 4th quarter valued at about $26,000. Ground Swell Capital LLC purchased a new stake in shares of Ballard Power Systems in the first quarter valued at about $26,000. Intesa Sanpaolo S.p.A. acquired a new stake in Ballard Power Systems during the fourth quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Ballard Power Systems by 422.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock worth $38,000 after purchasing an additional 12,149 shares during the period. Hedge funds and other institutional investors own 28.02% of the company’s stock.

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.