Ballard Power Systems (NASDAQ:BLDP) Trading 6.9% Higher

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) traded up 6.9% during mid-day trading on Wednesday . The stock traded as high as $2.33 and last traded at $2.32. 506,694 shares were traded during mid-day trading, a decline of 82% from the average session volume of 2,815,652 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group cut their target price on Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. TD Securities upped their price target on shares of Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a report on Wednesday, May 8th. National Bankshares lowered their price target 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, May 8th. Piper Sandler lowered their price target on shares of 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, Wells Fargo & Company lowered their price target on shares of Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating on the stock in a report on Thursday, May 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.49.

Ballard Power Systems Stock Performance

The stock’s 50 day moving average is $2.77 and its two-hundred day moving average is $3.03. The company has a quick ratio of 10.88, a current ratio of 11.66 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released 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). The business had revenue of $14.50 million during the quarter, compared to analyst estimates of $17.55 million. Ballard Power Systems had a negative net margin of 177.82% and a negative return on equity of 15.37%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) EPS. Sell-side analysts forecast that Ballard Power Systems Inc. will post -0.51 EPS for the current year.

Institutional Trading of Ballard Power Systems

Hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ballard Power Systems by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after acquiring an additional 89,643 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Ballard Power Systems during the 4th quarter worth approximately $192,000. Jump Financial LLC acquired a new stake in shares of Ballard Power Systems during the 4th quarter worth approximately $1,086,000. CIBC Asset Management Inc increased its holdings in shares of Ballard Power Systems by 2.9% during the 4th quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after buying an additional 7,060 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Ballard Power Systems by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after buying an additional 148,321 shares during the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

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.