Ballard Power Systems (NASDAQ:BLDP) Reaches New 1-Year Low – Here’s What Happened

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) reached a new 52-week low on Monday. The stock traded as low as $1.4350 and last traded at $1.4450, with a volume of 276,116 shares. The stock had previously closed at $1.47.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BLDP shares. BMO Capital Markets cut their price target on shares of Ballard Power Systems from $2.10 to $1.50 and set an “underperform” rating on the stock in a research note on Monday. Jefferies Financial Group reaffirmed a “hold” rating and set a $1.68 price objective on shares of Ballard Power Systems in a research report on Tuesday. UBS Group reduced their price target on Ballard Power Systems from $6.50 to $2.15 and set a “neutral” rating for the company in a research report on Wednesday, September 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Thursday, October 15th. Finally, HSBC raised Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 target price on the stock in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $3.13.

Ballard Power Systems Stock Up 8.4%

The company’s fifty day simple moving average is $2.05 and its 200 day simple moving average is $2.89. The stock has a market capitalization of $544.54 million, a price-to-earnings ratio of -5.96 and a beta of 2.26.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The company had revenue of $20.34 million for the quarter, compared to analyst estimates of $25.24 million. As a group, analysts anticipate that Ballard Power Systems, Inc. will post -0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new stake in Ballard Power Systems in the second quarter valued at about $28,144,000. Dimensional Fund Advisors LP boosted its holdings in shares of Ballard Power Systems by 18.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,831,549 shares of the technology company’s stock valued at $4,431,000 after acquiring an additional 283,684 shares in the last quarter. Man Group plc acquired a new position in Ballard Power Systems in the 2nd quarter worth about $4,629,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ballard Power Systems in the second quarter valued at about $3,392,000. Finally, Bank of America Corp DE acquired a new stake in shares of Ballard Power Systems during the second quarter valued at about $3,231,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and technology. Its fuel cell systems generate electricity through an electrochemical process using hydrogen, producing water and heat as byproducts and supporting lower-emission power applications.

The company focuses primarily on heavy-duty mobility markets, including buses, commercial trucks, trains, marine vessels and other specialty vehicles. Ballard also provides fuel cell products and related services for stationary power applications, along with engineering support, technology development and after-sales services.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners internationally, with activity across North America, Europe and Asia.