Wells Fargo & Company Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $3.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price reduced by stock analysts at Wells Fargo & Company from $3.50 to $3.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 1.96% from the company’s previous close.

Several other brokerages have also recently issued reports on BLDP. Piper Sandler decreased their price objective on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a report on Wednesday, March 13th. Citigroup dropped their price objective on shares of Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, February 27th. Truist Financial restated a “hold” rating and set a $3.00 price target (down previously from $3.50) on shares of Ballard Power Systems in a research report on Wednesday. HSBC lowered their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a research note on Wednesday. Finally, TD Securities upped their price target on Ballard Power Systems from $2.50 to $2.75 and gave the stock a “hold” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.74.

Ballard Power Systems Price Performance

NASDAQ:BLDP traded up $0.18 during trading hours on Thursday, hitting $3.06. 1,816,664 shares of the stock traded hands, compared to its average volume of 2,983,580. The stock has a 50 day moving average price of $2.89 and a 200 day moving average price of $3.24. The company has a quick ratio of 11.60, a current ratio of 12.25 and a debt-to-equity ratio of 0.01. The company has a market cap of $915.83 million, a price-to-earnings ratio of -5.15 and a beta of 1.65. 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). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The firm had revenue of $14.50 million for the quarter, compared to analysts’ expectations of $17.55 million. During the same period last year, the company earned ($0.11) earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Sell-side analysts forecast that Ballard Power Systems will post -0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Several institutional investors have recently added to or reduced their stakes in the stock. Endowment Wealth Management Inc. purchased a new stake in shares of Ballard Power Systems in the first quarter valued at about $28,000. Headlands Technologies LLC acquired a new position in Ballard Power Systems during the 4th quarter worth approximately $31,000. FNY Investment Advisers LLC raised its stake in shares of Ballard Power Systems by 5,000.0% during 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 acquired a new stake in shares of Ballard Power Systems in the 3rd quarter valued at approximately $48,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in shares of Ballard Power Systems by 37.2% in the third 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 in the last quarter. Institutional investors and hedge funds 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.