Ballard Power Systems (NASDAQ:BLDP) Price Target Raised to $4.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective raised by Raymond James Financial from $2.40 to $4.00 in a research report sent to investors on Wednesday morning,BayStreet.CA reports. They currently have a market perform rating on the technology company’s stock.

Other analysts also recently issued research reports about the stock. National Bank Financial boosted their price objective on shares of Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a report on Wednesday. BMO Capital Markets boosted their price objective on shares of Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a report on Wednesday. Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $3.00 to $5.00 in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. Finally, TD Cowen boosted their price objective on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $3.51.

Ballard Power Systems Stock Down 12.1%

Shares of NASDAQ:BLDP opened at $4.13 on Wednesday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -15.30 and a beta of 1.94. Ballard Power Systems has a fifty-two week low of $1.24 and a fifty-two week high of $4.86. The firm’s 50-day simple moving average is $2.72 and its 200-day simple moving average is $2.74. The company has a quick ratio of 9.14, a current ratio of 10.70 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $18.98 million for the quarter, compared to the consensus estimate of $19.88 million. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. As a group, equities research analysts predict that Ballard Power Systems will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its position in Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after acquiring an additional 6,952 shares during the last quarter. Amundi raised its position in Ballard Power Systems by 16.1% during the first quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares during the last quarter. Vontobel Holding Ltd. raised its position in Ballard Power Systems by 27.7% during the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock worth $118,000 after acquiring an additional 10,000 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new position in Ballard Power Systems during the fourth quarter worth about $26,000. Finally, Ground Swell Capital LLC acquired a new position in Ballard Power Systems during the first quarter worth about $26,000. Institutional investors and hedge funds 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.