Ballard Power Systems (NASDAQ:BLDP) Sees Large Volume Increase – Should You Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares saw unusually-strong trading volume on Tuesday . Approximately 3,824,269 shares traded hands during mid-day trading, a decline of 3% from the previous session’s volume of 3,936,055 shares.The stock last traded at $4.2650 and had previously closed at $4.17.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James Financial raised their price objective on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. BMO Capital Markets upped their target price on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Monday, April 20th. National Bank Financial boosted their price objective on Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a report on Wednesday, May 6th. Finally, TD Cowen upped their price objective on shares of Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Ballard Power Systems has a consensus rating of “Reduce” and a consensus price target of $3.51.

Ballard Power Systems Stock Down 2.6%

The firm has a 50-day moving average of $2.80 and a two-hundred day moving average of $2.75. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -15.09 and a beta of 1.94. The company has a quick ratio of 9.90, a current ratio of 10.70 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. As a group, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in BLDP. Rockefeller Capital Management L.P. increased its holdings in Ballard Power Systems by 228.1% in 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 during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Ballard Power Systems in the fourth quarter valued at approximately $26,000. Ground Swell Capital LLC bought a new stake in Ballard Power Systems in the first quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. acquired a new position in shares of Ballard Power Systems during the 4th quarter worth $28,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Ballard Power Systems by 422.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock valued at $38,000 after purchasing an additional 12,149 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.