Ballard Power Systems (NASDAQ:BLDP) Shares Down 6.9% – Should You Sell?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares dropped 6.9% during trading on Wednesday . The stock traded as low as $3.78 and last traded at $3.8820. 2,430,099 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 5,787,688 shares. The stock had previously closed at $4.17.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BLDP. BMO Capital Markets raised their price objective on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th. TD Cowen boosted their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a report on Wednesday, May 6th. ATB Cormark Capital Markets increased their price target on shares of Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research report on Wednesday, May 6th. Susquehanna raised their price target on shares of Ballard Power Systems from $2.60 to $4.25 and gave the company a “neutral” rating in a report on Wednesday, May 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $3.59.

Ballard Power Systems Stock Down 1.9%

The company has a 50-day moving average of $4.42 and a 200-day moving average of $3.16. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -13.37 and a beta of 2.19. The company has a current ratio of 10.70, a quick ratio of 9.90 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%.The company had revenue of $18.98 million during the quarter, compared to analysts’ expectations of $19.88 million. On average, equities analysts predict that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.