Ballard Power Systems (NASDAQ:BLDP) Stock Rating Upgraded by Zacks Research

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

BLDP has been the topic of several other research reports. Raymond James Financial raised their price target on shares of Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a research report on Wednesday, May 6th. National Bank Financial set a $4.75 price objective on Ballard Power Systems and gave the stock a “sector perform” rating in a report on Wednesday, June 24th. TD Cowen raised their target price on Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a report on Wednesday, May 6th. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. Finally, Wells Fargo & Company lifted their target price on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems presently has a consensus rating of “Hold” and an average price target of $3.52.

Ballard Power Systems Stock Performance

BLDP opened at $2.98 on Wednesday. The company has a current ratio of 10.70, a quick ratio of 9.90 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average price is $4.25 and its two-hundred day moving average price is $3.24. Ballard Power Systems has a 1-year low of $1.70 and a 1-year high of $6.57. The company has a market cap of $898.41 million, a price-to-earnings ratio of -11.04 and a beta of 2.25.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 78.60% and a negative return on equity of 13.48%. On average, analysts expect that Ballard Power Systems will post -0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. J. Derek Lewis & Associates Inc. grew its stake in shares of Ballard Power Systems by 10.9% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock worth $123,000 after acquiring an additional 5,000 shares during the period. Rockefeller Capital Management L.P. raised its stake in Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock valued at $25,000 after acquiring an additional 6,952 shares during the period. Amundi raised its stake 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 acquiring an additional 9,454 shares during the period. Vontobel Holding Ltd. lifted its holdings in Ballard Power Systems by 27.7% during the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock valued at $118,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Swiss Life Asset Management Ltd bought a new position in Ballard Power Systems during the fourth quarter worth about $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.