Ballard Power Systems (NASDAQ:BLDP) Sets New 12-Month Low – What’s Next?

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) hit a new 52-week low during trading on Thursday. The company traded as low as $1.40 and last traded at $1.40, with a volume of 2,032,151 shares traded. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a report on Thursday, October 15th. Zacks Research downgraded Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Susquehanna decreased their price target on Ballard Power Systems from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, October 14th. 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, October 27th. Finally, BMO Capital Markets dropped their price objective on Ballard Power Systems from $2.10 to $1.50 and set an “underperform” rating on the stock in a report on Monday, October 26th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $3.13.

Ballard Power Systems Stock Down 7.3%

The company has a current ratio of 11.19, a quick ratio of 10.36 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average price is $1.86 and its two-hundred day moving average price is $2.82.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cibc World Market Inc. increased its position in shares of Ballard Power Systems by 67.1% during the third quarter. Cibc World Market Inc. now owns 582,152 shares of the technology company’s stock worth $1,178,000 after purchasing an additional 233,721 shares in the last quarter. Alps Advisors Inc. lifted its holdings in shares of Ballard Power Systems by 12.1% in the 3rd quarter. Alps Advisors Inc. now owns 454,095 shares of the technology company’s stock valued at $926,000 after purchasing an additional 49,171 shares during the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Ballard Power Systems by 56.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 29,937 shares of the technology company’s stock valued at $114,000 after purchasing an additional 10,850 shares during the period. Headlands Technologies LLC boosted its position in shares of Ballard Power Systems by 31.6% in the 2nd quarter. Headlands Technologies LLC now owns 190,618 shares of the technology company’s stock valued at $742,000 after purchasing an additional 45,774 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in shares of Ballard Power Systems by 22.2% in the 2nd quarter. Benjamin Edwards Inc. now owns 132,904 shares of the technology company’s stock valued at $517,000 after purchasing an additional 24,114 shares during the period. 28.02% of the stock is owned by hedge funds and other institutional investors.

Ballard Power Systems Company Profile

Ballard Power Systems is a Canadian company that designs, develops and manufactures proton exchange membrane (PEM) fuel cell products and systems. Its offerings include fuel cell stacks, modules and engines, along with related services and technical support. The company focuses on applications where fuel cells can provide electric power, particularly heavy-duty transportation. Its products are used or developed for buses, trucks, rail and marine vessels, as well as stationary and other power applications.