Ballard Power Systems (NASDAQ:BLDP) Given New $2.00 Price Target at Wells Fargo & Company

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price hoisted by Wells Fargo & Company from $1.50 to $2.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an underweight rating on the technology company’s stock.

A number of other equities research analysts have also recently commented on the company. TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 target price on the stock in a research note on Friday, January 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Wednesday, January 21st. Finally, TD Cowen upgraded shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a research note on Friday, January 9th. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $2.48.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $2.38 on Friday. The company has a market cap of $715.88 million, a PE ratio of -7.93 and a beta of 1.78. Ballard Power Systems has a 52 week low of $1.00 and a 52 week high of $4.10. The business has a 50 day moving average price of $2.31 and a 200-day moving average price of $2.72. The company has a quick ratio of 9.14, a current ratio of 9.86 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Thursday, March 12th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%.The company had revenue of $33.28 million for the quarter, compared to analysts’ expectations of $32.24 million. Equities analysts anticipate that Ballard Power Systems will post -0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BLDP. Rockefeller Capital Management L.P. lifted its holdings in shares of Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after buying an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new position in Ballard Power Systems during the fourth quarter valued at approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new position in Ballard Power Systems during the fourth quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd increased its holdings in Ballard Power Systems by 422.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock worth $38,000 after acquiring an additional 12,149 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new stake in Ballard Power Systems in the 3rd quarter worth approximately $43,000. Institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.