Ballard Power Systems (NASDAQ:BLDP) Shares Gap Up to $2.55

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.55, but opened at $2.62. Ballard Power Systems shares last traded at $2.73, with a volume of 731,423 shares.

Analyst Ratings Changes

Several brokerages have recently commented on BLDP. Wells Fargo & Company reduced their target price on shares of Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating on the stock in a research note on Thursday, May 9th. Truist Financial reaffirmed a “hold” rating and set a $3.00 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Wednesday, May 8th. TD Securities lifted their target price on shares of Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a research note on Wednesday, May 8th. Piper Sandler reduced their target price on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a report on Wednesday, March 13th. Finally, Jefferies Financial Group dropped their price target on Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating for the company in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.59.

Ballard Power Systems Stock Up 7.5 %

The company has a debt-to-equity ratio of 0.03, a current ratio of 11.66 and a quick ratio of 10.88. The company has a 50 day moving average price of $2.85 and a 200 day moving average price of $3.13.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The firm had revenue of $14.50 million during the quarter, compared to analyst estimates of $17.55 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. Ballard Power Systems’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities research analysts expect that Ballard Power Systems Inc. will post -0.51 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Ballard Power Systems by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock worth $3,222,000 after acquiring an additional 89,643 shares during the period. Swiss National Bank boosted its position in shares of Ballard Power Systems by 1.9% in the 3rd quarter. Swiss National Bank now owns 529,800 shares of the technology company’s stock worth $1,967,000 after purchasing an additional 10,100 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Ballard Power Systems during the fourth quarter worth $1,086,000. CIBC Asset Management Inc increased its holdings in Ballard Power Systems by 2.9% in the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock valued at $925,000 after purchasing an additional 7,060 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in 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 valued at $33,476,000 after purchasing an additional 148,321 shares during the last quarter. 28.02% of the stock is owned by institutional investors.

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.