Ballard Power Systems (NASDAQ:BLDP) Announces Earnings Results, Beats Estimates By $0.02 EPS

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) released its quarterly earnings data on Tuesday. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02, Zacks reports. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%.

Ballard Power Systems Trading Up 21.6%

Shares of BLDP stock traded up $0.71 during mid-day trading on Tuesday, hitting $4.00. 3,427,910 shares of the company’s stock were exchanged, compared to its average volume of 3,395,686. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -13.42 and a beta of 1.94. The stock has a 50-day simple moving average of $2.57 and a two-hundred day simple moving average of $2.72. Ballard Power Systems has a fifty-two week low of $1.18 and a fifty-two week high of $4.10. The company has a quick ratio of 9.14, a current ratio of 9.86 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors have recently added to or reduced their stakes in BLDP. Invesco Ltd. lifted its position in Ballard Power Systems by 48.6% during the fourth quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock valued at $12,621,000 after buying an additional 1,625,542 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Ballard Power Systems by 64.0% in the fourth quarter. Mackenzie Financial Corp now owns 240,494 shares of the technology company’s stock worth $613,000 after acquiring an additional 93,835 shares in the last quarter. XTX Topco Ltd increased its position in shares of Ballard Power Systems by 1,074.4% in the fourth quarter. XTX Topco Ltd now owns 372,895 shares of the technology company’s stock worth $947,000 after acquiring an additional 341,142 shares in the last quarter. Quadrature Capital Ltd raised its stake in shares of Ballard Power Systems by 660.5% in the 4th quarter. Quadrature Capital Ltd now owns 301,074 shares of the technology company’s stock valued at $765,000 after acquiring an additional 261,486 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Ballard Power Systems in the 4th quarter valued at $254,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BLDP shares. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Monday, April 20th. Wells Fargo & Company increased their price target on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Friday, March 27th. TD Securities upgraded shares of Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price objective for the company in a research note on Friday, January 9th. Finally, TD Cowen raised shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a report on Friday, January 9th. Ten research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $2.69.

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.