Ballard Power Systems (NASDAQ:BLDP) Hits New 1-Year High – Here’s Why

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price reached a new 52-week high on Thursday . The company traded as high as $6.34 and last traded at $6.3440, with a volume of 4314087 shares traded. The stock had previously closed at $6.09.

Analyst Ratings Changes

Several brokerages have recently issued reports on BLDP. BMO Capital Markets raised their price target on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th. ATB Cormark Capital Markets boosted their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the stock a “sector perform” rating in a research report on Wednesday, May 6th. Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. Wells Fargo & Company raised their target price on Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Friday, March 27th. Finally, National Bank Financial upped their price target on Ballard Power Systems from $3.15 to $4.75 and gave the stock a “sector perform” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $3.59.

Ballard Power Systems Stock Performance

The company has a quick ratio of 9.90, a current ratio of 10.70 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -23.30 and a beta of 1.94. The stock’s 50-day simple moving average is $3.59 and its 200 day simple moving average is $2.92.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.02. The company had revenue of $18.98 million during the quarter, compared to analyst estimates of $19.88 million. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. Analysts expect that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Several institutional investors have recently bought and sold shares of the business. J. Derek Lewis & Associates Inc. raised its holdings in Ballard Power Systems by 10.9% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock worth $123,000 after buying an additional 5,000 shares during the period. Rockefeller Capital Management L.P. lifted its stake in 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 valued at $25,000 after buying an additional 6,952 shares in the last quarter. Amundi boosted its holdings in shares of Ballard Power Systems by 16.1% in the first quarter. Amundi now owns 68,140 shares of the technology company’s stock valued at $74,000 after buying an additional 9,454 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of Ballard Power Systems by 27.7% in the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock valued at $118,000 after buying an additional 10,000 shares during the period. Finally, Swiss Life Asset Management Ltd bought a new stake in shares of Ballard Power Systems during the fourth quarter worth $26,000. Institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.