Ballard Power Systems (NASDAQ:BLDP) Given New $3.00 Price Target at Wells Fargo & Company

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective cut by Wells Fargo & Company from $3.50 to $3.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 1.96% from the company’s current price.

Several other research firms have also recently weighed in on BLDP. HSBC decreased their price target on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a report on Wednesday. Raymond James decreased their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 13th. Truist Financial reissued a “hold” rating and set a $3.00 price objective (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday. National Bankshares reduced their price target on shares of Ballard Power Systems from $4.50 to $4.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Finally, Citigroup lowered 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 report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.74.

Ballard Power Systems Stock Performance

Shares of NASDAQ BLDP traded up $0.18 during trading on Thursday, reaching $3.06. 1,816,664 shares of the stock traded hands, compared to its average volume of 2,983,580. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60. The stock has a market capitalization of $915.83 million, a P/E ratio of -5.15 and a beta of 1.65. Ballard Power Systems has a 52-week low of $2.42 and a 52-week high of $5.68. The company has a 50-day moving average of $2.89 and a 200-day moving average of $3.24.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Ballard Power Systems by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock valued at $33,476,000 after acquiring an additional 148,321 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ballard Power Systems by 27.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after purchasing an additional 849,311 shares during the period. Van ECK Associates Corp increased its stake in shares of Ballard Power Systems by 19.8% in the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after purchasing an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of Ballard Power Systems by 18.2% during the 4th quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after purchasing an additional 321,624 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Ballard Power Systems by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after buying an additional 89,643 shares in the last quarter. Institutional investors own 28.02% of the company’s stock.

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.