Ballard Power Systems (NASDAQ:BLDP) Trading Down 7% – Here’s What Happened

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) dropped 7% on Monday . The company traded as low as $4.01 and last traded at $4.1380. Approximately 2,506,992 shares were traded during trading, a decline of 44% from the average daily volume of 4,501,963 shares. The stock had previously closed at $4.45.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BLDP shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. Lake Street Capital upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. Wells Fargo & Company raised their target price on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Friday, March 27th. Raymond James Financial lifted their price target on shares of Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 6th. Finally, National Bank Financial boosted their price target on shares of Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a research note on Wednesday, May 6th. One investment 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. According to data from MarketBeat, Ballard Power Systems currently has a consensus rating of “Reduce” and an average target price of $3.51.

Ballard Power Systems Stock Down 3.5%

The firm has a market capitalization of $1.26 billion, a P/E ratio of -15.48 and a beta of 1.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70. The firm’s 50-day moving average is $3.05 and its 200 day moving average is $2.79.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The firm had revenue of $18.98 million for the quarter, compared to the consensus estimate 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, equities research analysts predict that Ballard Power Systems, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

Several institutional investors have recently bought and sold shares of BLDP. Legal & General Group Plc boosted its position in Ballard Power Systems by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 13,459,729 shares of the technology company’s stock worth $36,486,000 after acquiring an additional 326,505 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of Ballard Power Systems by 11.7% in the third quarter. Two Sigma Investments LP now owns 6,282,641 shares of the technology company’s stock valued at $17,089,000 after purchasing an additional 657,107 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Ballard Power Systems by 48.6% in the fourth quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock valued at $12,621,000 after purchasing an additional 1,625,542 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Ballard Power Systems by 20.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after purchasing an additional 829,012 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Ballard Power Systems by 204.5% in the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock worth $10,145,000 after purchasing an additional 2,682,355 shares in the last quarter. Institutional investors own 28.02% of the company’s stock.

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.