Ballard Power Systems Inc. (NASDAQ:BLDP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 equities analysts have also commented on the stock. Roth Capital set a $3.00 price objective on shares of Ballard Power Systems and gave the stock a “buy” rating in a report on Monday, October 10th. FBR & Co restated an “outperform” rating and issued a $3.00 price objective on shares of Ballard Power Systems in a report on Tuesday, September 27th. Finally, TheStreet upgraded shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a report on Friday, August 26th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $2.54.
Shares of Ballard Power Systems (NASDAQ:BLDP) traded up 0.45% during midday trading on Wednesday, reaching $2.21. 526,610 shares of the company’s stock traded hands. The stock’s market capitalization is $346.85 million. Ballard Power Systems has a 1-year low of $1.11 and a 1-year high of $2.53. The firm’s 50-day moving average price is $2.15 and its 200 day moving average price is $1.70.
Ballard Power Systems (NASDAQ:BLDP) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). Ballard Power Systems had a negative net margin of 30.51% and a negative return on equity of 19.49%. The firm had revenue of $17.60 million for the quarter, compared to analyst estimates of $18.32 million. On average, equities analysts predict that Ballard Power Systems will post ($0.15) earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the company. Bank of Montreal Can increased its stake in shares of Ballard Power Systems by 80.7% in the third quarter. Bank of Montreal Can now owns 55,074 shares of the company’s stock valued at $121,000 after buying an additional 24,597 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Ballard Power Systems by 139.6% in the second quarter. Royal Bank of Canada now owns 98,923 shares of the company’s stock valued at $124,000 after buying an additional 57,634 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Ballard Power Systems by 10.3% in the first quarter. Renaissance Technologies LLC now owns 326,300 shares of the company’s stock valued at $455,000 after buying an additional 30,600 shares during the last 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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