Zacks Investment Research upgraded shares of Ballard Power Systems Inc. (NASDAQ:BLDP) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $2.50 target price on the stock.
According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “
Several other analysts also recently issued reports on the stock. Roth Capital reaffirmed a buy rating on shares of Ballard Power Systems in a report on Tuesday, July 19th. TheStreet raised shares of Ballard Power Systems from a sell rating to a hold rating in a report on Friday, August 26th. Finally, FBR & Co reaffirmed an outperform rating and set a $3.00 price objective on shares of Ballard Power Systems in a report on Friday, August 19th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $2.21.
Shares of Ballard Power Systems (NASDAQ:BLDP) opened at 2.11 on Tuesday. Ballard Power Systems has a 12 month low of $1.11 and a 12 month high of $2.38. The company has a 50-day moving average of $2.04 and a 200-day moving average of $1.61. The firm’s market cap is $331.15 million.
Ballard Power Systems (NASDAQ:BLDP) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.04). The business earned $17.60 million during the quarter, compared to the consensus estimate of $18.32 million. Ballard Power Systems had a negative net margin of 30.51% and a negative return on equity of 19.49%. Equities analysts forecast that Ballard Power Systems will post ($0.15) EPS for the current fiscal year.
An institutional investor recently raised its position in Ballard Power Systems stock. Renaissance Technologies LLC increased its position in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 326,300 shares of the company’s stock after buying an additional 30,600 shares during the period. Renaissance Technologies LLC owned approximately 0.21% of Ballard Power Systems worth $455,000 at the end of the most recent quarter. 4.01% of the stock is currently owned by hedge funds and other institutional investors.
Ballard Power Systems Company Profile
Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of fuel cell products. The Company is focused on its power product markets of heavy-duty motive, portable power, material handling and telecom backup power, as well as the delivery of technology solutions, including engineering services, and the license and sale of its intellectual property portfolio and fundamental knowledge for fuel cell applications.
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