Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down on Disappointing Earnings

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $2.83, but opened at $2.73. Ballard Power Systems shares last traded at $2.91, with a volume of 688,029 shares trading hands.

The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The company had revenue of $14.50 million for the quarter, compared to the consensus estimate of $17.55 million. Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BLDP shares. Jefferies Financial Group cut their target price on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a research report on Wednesday. National Bankshares decreased their price objective on shares of Ballard Power Systems from $4.50 to $4.00 and set a “sector perform” rating on the stock in a report on Wednesday. Citigroup lowered their target price on shares of Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Tuesday, February 27th. HSBC reduced their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating for the company in a report on Wednesday. Finally, CIBC lowered their price objective on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Ballard Power Systems currently has an average rating of “Hold” and a consensus price target of $3.74.

Hedge Funds Weigh In On Ballard Power Systems

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Ballard Power Systems by 1.7% in the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after acquiring an additional 148,321 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Ballard Power Systems by 27.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after acquiring an additional 849,311 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Ballard Power Systems by 19.8% during the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after acquiring an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of Ballard Power Systems by 18.2% during the 4th quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after acquiring an additional 321,624 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Ballard Power Systems by 11.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after purchasing an additional 89,643 shares in the last quarter. 28.02% of the stock is owned by hedge funds and other institutional investors.

Ballard Power Systems Price Performance

The company has a market cap of $918.82 million, a P/E ratio of -5.20 and a beta of 1.65. The firm’s 50-day moving average is $2.89 and its two-hundred day moving average is $3.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.