Ballard Power Systems (NASDAQ:BLDP) Shares Gap Up – Still a Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price gapped up before the market opened on Thursday. The stock had previously closed at $1.52, but opened at $1.6150. Ballard Power Systems shares last traded at $1.5250, with a volume of 508,081 shares.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a report on Thursday, October 15th. HSBC raised Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 target price on the stock in a research report on Monday, August 3rd. KeyCorp reiterated a “sector weight” rating on shares of Ballard Power Systems in a research note on Tuesday, August 4th. UBS Group cut their target price on Ballard Power Systems from $6.50 to $2.15 and set a “neutral” rating on the stock in a research note on Wednesday, September 30th. Finally, National Bank Financial set a $4.75 price target on shares of Ballard Power Systems and gave the company a “sector perform” rating in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $3.30.

Ballard Power Systems Stock Performance

The stock has a fifty day moving average price of $2.14 and a two-hundred day moving average price of $3.18. The company has a market cap of $535.75 million, a P/E ratio of -5.87 and a beta of 2.26. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Friday, July 31st. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. The business had revenue of $20.34 million for the quarter, compared to analyst estimates of $25.24 million. On average, equities analysts forecast that Ballard Power Systems, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Legal & General Group Plc bought a new stake in shares of Ballard Power Systems during the second quarter valued at about $28,144,000. Man Group plc acquired a new position in Ballard Power Systems during the 2nd quarter valued at about $4,629,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ballard Power Systems during the 2nd quarter worth about $3,392,000. Bank of America Corp DE bought a new stake in shares of Ballard Power Systems during the 2nd quarter worth about $3,231,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Ballard Power Systems in the 1st quarter worth approximately $1,362,000. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Company Profile

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and technology. Its fuel cell systems generate electricity through an electrochemical process using hydrogen, producing water and heat as byproducts and supporting lower-emission power applications.

The company focuses primarily on heavy-duty mobility markets, including buses, commercial trucks, trains, marine vessels and other specialty vehicles. Ballard also provides fuel cell products and related services for stationary power applications, along with engineering support, technology development and after-sales services.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners internationally, with activity across North America, Europe and Asia.