Ballard Power Systems (NASDAQ:BLDP) Reaches New 1-Year High – Still a Buy?

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) reached a new 52-week high on Thursday . The stock traded as high as $4.88 and last traded at $4.84, with a volume of 1787018 shares. The stock had previously closed at $4.76.

Analysts Set New Price Targets

Several research analysts have weighed in on BLDP shares. Raymond James Financial upped their price target 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. National Bank Financial raised their target price on shares of Ballard Power Systems from $3.15 to $4.75 and gave the company a “sector perform” rating in a report on Wednesday, May 6th. Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. Susquehanna raised their target price on shares of Ballard Power Systems from $2.60 to $4.25 and gave the company a “neutral” rating in a report on Wednesday. Finally, BMO Capital Markets raised their target price on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a report 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. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $3.59.

Ballard Power Systems Stock Performance

The company has a market capitalization of $1.62 billion, a P/E ratio of -19.87 and a beta of 1.94. The business has a 50-day moving average of $3.11 and a 200-day moving average of $2.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.70 and a quick ratio of 9.90.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $18.98 million during 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%. On average, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its position in shares of Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 6,952 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in shares of Ballard Power Systems in the 4th quarter worth $26,000. Ground Swell Capital LLC bought a new position in shares of Ballard Power Systems during the 1st quarter worth $26,000. Intesa Sanpaolo S.p.A. bought a new position in shares of Ballard Power Systems during the 4th quarter worth $28,000. Finally, Cetera Investment Advisers bought a new stake in shares of Ballard Power Systems in the first quarter valued at about $33,000. 28.02% of the stock is currently owned by 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.