Ballard Power Systems (NASDAQ:BLDP) PT Lowered to $3.50 at CIBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective lowered by stock analysts at CIBC from $3.75 to $3.50 in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a “neutral” rating on the technology company’s stock. CIBC’s target price indicates a potential upside of 22.81% from the stock’s previous close.

BLDP has been the subject of several other research reports. Truist Financial reiterated a “hold” rating and issued a $3.00 price objective (down previously from $3.50) on shares of Ballard Power Systems in a research note on Wednesday. TD Securities cut their price target on Ballard Power Systems from $3.00 to $2.50 in a research note on Thursday, April 25th. Jefferies Financial Group reduced their target price on Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a report on Tuesday, January 30th. Piper Sandler dropped their price target on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a research note on Wednesday, March 13th. Finally, Citigroup cut their price objective on shares of Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday, February 27th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ballard Power Systems presently has a consensus rating of “Hold” and a consensus price target of $3.77.

Ballard Power Systems Stock Performance

Ballard Power Systems stock traded up $0.01 during trading hours on Wednesday, hitting $2.85. The company had a trading volume of 1,929,457 shares, compared to its average volume of 2,986,123. Ballard Power Systems has a one year low of $2.42 and a one year high of $5.68. The firm has a market cap of $852.98 million, a PE ratio of -4.88 and a beta of 1.65. The firm has a 50-day moving average of $2.89 and a 200 day moving average of $3.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The firm had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts expect that Ballard Power Systems will post -0.51 earnings per share for the current year.

Institutional Trading of Ballard Power Systems

A number of hedge funds have recently made changes to their positions in BLDP. Vanguard Group Inc. increased its stake in shares of Ballard Power Systems by 1.7% in the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock valued at $33,476,000 after buying an additional 148,321 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Ballard Power Systems by 27.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after acquiring an additional 849,311 shares during the last quarter. Van ECK Associates Corp increased its position in Ballard Power Systems by 19.8% in the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock valued at $5,936,000 after acquiring an additional 353,098 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Ballard Power Systems by 18.2% during the fourth quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after acquiring an additional 321,624 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ballard Power Systems by 11.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock worth $3,222,000 after purchasing an additional 89,643 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Company Profile

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.