Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $3.50 by Analysts at CIBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target lowered by equities researchers at CIBC from $3.75 to $3.50 in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a “neutral” rating on the technology company’s stock. CIBC’s target price suggests a potential upside of 22.81% from the stock’s current price.

A number of other research firms have also weighed in on BLDP. Jefferies Financial Group cut their price objective on shares of Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating for the company in a research report on Tuesday, January 30th. Citigroup cut their price target on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Tuesday, February 27th. TD Securities decreased their price objective on Ballard Power Systems from $3.00 to $2.50 in a report on Thursday, April 25th. Piper Sandler dropped their target price on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a research note on Wednesday, March 13th. Finally, Truist Financial reiterated a “hold” rating and set a $3.00 target price (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.77.

Ballard Power Systems Price Performance

BLDP stock traded up $0.01 on Wednesday, reaching $2.85. The company had a trading volume of 1,929,457 shares, compared to its average volume of 2,986,123. The company’s fifty day moving average is $2.89 and its 200 day moving average is $3.24. The company has a market cap of $852.98 million, a P/E ratio of -4.88 and a beta of 1.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.60 and a current ratio of 12.25. Ballard Power Systems has a 1 year low of $2.42 and a 1 year high of $5.68.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $14.50 million during the quarter, compared to analysts’ expectations of $17.55 million. Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.11) earnings per share. On average, research analysts forecast that Ballard Power Systems will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently bought and sold shares of BLDP. Headlands Technologies LLC acquired a new position in shares of Ballard Power Systems during the fourth quarter worth $31,000. FNY Investment Advisers LLC lifted its holdings in Ballard Power Systems by 5,000.0% in the 4th quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock worth $37,000 after buying an additional 10,000 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in Ballard Power Systems in the 3rd quarter valued at about $48,000. Vanguard Personalized Indexing Management LLC boosted its position in Ballard Power Systems by 37.2% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company’s stock valued at $51,000 after buying an additional 3,753 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Ballard Power Systems during the third quarter valued at about $63,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.