Ballard Power Systems (NASDAQ:BLDP) Stock Gets Downgrade from Wall Street Zen

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research firms also recently weighed in on BLDP. KeyCorp restated a “sector weight” rating on shares of Ballard Power Systems in a research report on Tuesday, August 4th. HSBC upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target for the company in a research note on Monday, August 3rd. Zacks Research cut Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a report on Thursday, October 15th. Finally, Jefferies Financial Group restated a “hold” rating and set a $1.68 price objective on shares of Ballard Power Systems in a research note on Tuesday, October 27th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $3.13.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $1.57 on Friday. The company has a 50 day simple moving average of $2.00 and a two-hundred day simple moving average of $2.87. Ballard Power Systems has a 1 year low of $1.43 and a 1 year high of $6.57. The firm has a market cap of $551.98 million, a PE ratio of -6.04 and a beta of 2.21. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted 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 company had revenue of $20.34 million during the quarter, compared to analysts’ expectations of $25.24 million. Analysts expect that Ballard Power Systems will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE bought a new position in Ballard Power Systems in the 2nd quarter valued at approximately $3,231,000. Renaissance Technologies LLC acquired a new stake in Ballard Power Systems in the first quarter valued at about $1,362,000. Legal & General Group Plc purchased a new position in shares of Ballard Power Systems in the 2nd quarter worth about $28,144,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ballard Power Systems in the second quarter valued at $3,392,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ballard Power Systems by 18.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,831,549 shares of the technology company’s stock worth $4,431,000 after purchasing an additional 283,684 shares during the period. Institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.