Ballard Power Systems (NASDAQ:BLDP) Hits New 1-Year Low – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $1.43 and last traded at $1.4250, with a volume of 963,736 shares traded. The stock had previously closed at $1.59.

Wall Street Analysts Forecast Growth

BLDP has been the subject of a number of research analyst reports. Susquehanna reduced their target price on Ballard Power Systems from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, October 14th. BMO Capital Markets decreased their price target on shares of Ballard Power Systems from $2.10 to $1.50 and set an “underperform” rating for the company in a report on Monday, October 26th. HSBC raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price objective on the stock in a research report on Monday, August 3rd. UBS Group dropped their price objective on shares of 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, Wall Street Zen downgraded shares of Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Two research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems has a consensus rating of “Reduce” and an average target price of $3.13.

Ballard Power Systems Price Performance

The company’s 50-day simple moving average is $1.96 and its 200 day simple moving average is $2.86. The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $505.22 million, a price-to-earnings ratio of -5.53 and a beta of 2.21.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in BLDP. Rockefeller Capital Management L.P. lifted its stake 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 purchasing an additional 6,952 shares during the period. Farringdon Capital Ltd. acquired a new stake in shares of Ballard Power Systems in the second quarter valued at $41,000. Cetera Investment Advisers acquired a new position in Ballard Power Systems during the 1st quarter worth about $33,000. Optiver Holding B.V. acquired a new position in Ballard Power Systems during the 1st quarter worth about $59,000. Finally, State of Wyoming bought a new stake in Ballard Power Systems during the 2nd quarter worth about $97,000. 28.02% of the stock is owned by institutional investors.

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.