Ballard Power Systems (NASDAQ:BLDP) Upgraded at HSBC

HSBC upgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a buy rating in a research note published on Monday morning, MarketBeat.com reports. They currently have $3.60 price objective on the technology company’s stock.

A number of other research analysts have also issued reports on BLDP. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Friday, July 17th. Zacks Research upgraded shares of Ballard Power Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. ATB Cormark Capital Markets boosted their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the stock a “sector perform” rating in a research report on Wednesday, May 6th. Finally, TD Cowen increased their price objective on Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $3.54.

Ballard Power Systems Stock Performance

BLDP stock opened at $2.64 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 11.19. The stock has a market capitalization of $795.99 million, a price-to-earnings ratio of -10.15 and a beta of 2.29. Ballard Power Systems has a 1 year low of $1.70 and a 1 year high of $6.57. The stock’s fifty day moving average is $3.82 and its two-hundred day moving average is $3.23.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%.The firm had revenue of $20.34 million for the quarter, compared to the consensus estimate of $25.24 million. On average, research analysts predict that Ballard Power Systems will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently made changes to their positions in the business. Optiver Holding B.V. acquired a new position in shares of Ballard Power Systems in the 1st quarter worth approximately $59,000. J. Derek Lewis & Associates Inc. lifted its stake in Ballard Power Systems by 10.9% during the first quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock valued at $123,000 after purchasing an additional 5,000 shares during the last quarter. Bank of America Corp DE lifted its stake in Ballard Power Systems by 72.5% during the first quarter. Bank of America Corp DE now owns 575,907 shares of the technology company’s stock valued at $1,394,000 after purchasing an additional 242,132 shares during the last quarter. Amundi boosted its holdings in Ballard Power Systems by 23.8% during the first quarter. Amundi now owns 256,544 shares of the technology company’s stock worth $621,000 after buying an additional 49,248 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Ballard Power Systems by 94.0% in the first quarter. Royal Bank of Canada now owns 637,068 shares of the technology company’s stock worth $1,542,000 after buying an additional 308,742 shares during the last quarter. 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.