Ballard Power Systems (NASDAQ:BLDP) Stock Crosses Above 200 Day Moving Average – What’s Next?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.11 and traded as high as $4.39. Ballard Power Systems shares last traded at $4.37, with a volume of 8,608,745 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BLDP shares. Wells Fargo & Company upped their price target on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Friday, March 27th. National Bank Financial raised their price objective on Ballard Power Systems from $3.15 to $4.75 and gave the company a “sector perform” rating in a research note on Wednesday, May 6th. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and boosted their price objective for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. BMO Capital Markets upped their target price on Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $3.59.

Ballard Power Systems Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 10.70 and a quick ratio of 9.90. The business’s fifty day moving average price is $4.33 and its 200-day moving average price is $3.12. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -16.19 and a beta of 2.19.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $18.98 million for the quarter, compared to analyst estimates of $19.88 million. On average, research analysts forecast that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its position in shares of Ballard Power Systems by 29.1% during the first quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after buying an additional 156,014 shares during the last quarter. Amundi raised its position in Ballard Power Systems by 16.1% in the 1st quarter. Amundi now owns 68,140 shares of the technology company’s stock valued at $74,000 after buying an additional 9,454 shares during the last quarter. Goldman Sachs Group Inc. raised its position 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 valued at $5,408,000 after buying an additional 829,012 shares during the last quarter. Jane Street Group LLC raised its position in Ballard Power Systems by 56.2% in the 1st quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock valued at $1,635,000 after buying an additional 534,834 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Ballard Power Systems by 604.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock valued at $757,000 after acquiring an additional 408,641 shares in the last quarter. 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.