Ballard Power Systems, Inc. (NASDAQ:BLDP – Get Free Report) (TSE:BLD)’s stock price was down 6.9% on Wednesday . The stock traded as low as $3.78 and last traded at $3.8820. Approximately 2,430,099 shares were traded during trading, a decline of 58% from the average daily volume of 5,787,688 shares. The stock had previously closed at $4.17.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on BLDP. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and upped their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. BMO Capital Markets upped their price objective on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their target price on shares of Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Friday, March 27th. Finally, TD Cowen lifted their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $3.59.
Get Our Latest Report on Ballard Power Systems
Ballard Power Systems Stock Down 9.2%
Ballard Power Systems (NASDAQ:BLDP – Get Free Report) (TSE:BLD) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $18.98 million during the quarter, compared to the consensus estimate of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. On average, equities research analysts forecast that Ballard Power Systems, Inc. will post -0.19 EPS for the current fiscal year.
Hedge Funds Weigh In On Ballard Power Systems
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLDP. Royal Bank of Canada lifted its stake in Ballard Power Systems by 29.1% in the first quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after acquiring an additional 156,014 shares during the last quarter. Amundi increased its stake in shares of Ballard Power Systems by 16.1% during the 1st quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after purchasing an additional 9,454 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Ballard Power Systems by 20.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after purchasing an additional 829,012 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Ballard Power Systems by 56.2% during the 1st quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock valued at $1,635,000 after purchasing an additional 534,834 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ballard Power Systems by 604.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock valued at $757,000 after purchasing an additional 408,641 shares in the last quarter. Institutional investors 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.
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