Cormark Weighs in on Ballard Power Systems Inc.’s FY2024 Earnings (NASDAQ:BLDP)

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) – Equities researchers at Cormark increased their FY2024 earnings per share estimates for Ballard Power Systems in a research report issued on Monday, September 16th. Cormark analyst M. Whale now anticipates that the technology company will post earnings of ($0.49) per share for the year, up from their prior estimate of ($0.50). Cormark has a “Market Perform” rating on the stock. The consensus estimate for Ballard Power Systems’ current full-year earnings is ($0.48) per share. Cormark also issued estimates for Ballard Power Systems’ Q4 2024 earnings at ($0.13) EPS, Q1 2025 earnings at ($0.11) EPS, Q2 2025 earnings at ($0.11) EPS, Q3 2025 earnings at ($0.10) EPS, Q4 2025 earnings at ($0.10) EPS and FY2025 earnings at ($0.42) EPS.

BLDP has been the topic of a number of other reports. BMO Capital Markets dropped their price target on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Truist Financial lowered their target price on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. CIBC reissued an “underperformer” rating and issued a $1.60 price target (down previously from $3.50) on shares of Ballard Power Systems in a research report on Tuesday, August 13th. Lake Street Capital lowered their price objective on shares of Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, TD Securities lowered shares of Ballard Power Systems from a “hold” rating to a “sell” rating and dropped their price objective for the company from $2.50 to $1.50 in a research note on Monday, August 12th. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.11.

Ballard Power Systems Price Performance

Shares of NASDAQ BLDP opened at $1.72 on Thursday. The company has a current ratio of 10.90, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average price is $2.00 and its 200-day moving average price is $2.53. The firm has a market capitalization of $514.99 million, a P/E ratio of -2.77 and a beta of 1.78. Ballard Power Systems has a 1-year low of $1.61 and a 1-year high of $4.09.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $16.00 million for the quarter, compared to the consensus estimate of $19.36 million. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. Ballard Power Systems’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) EPS.

Institutional Trading of Ballard Power Systems

A number of hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp increased its position in shares of Ballard Power Systems by 8.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock valued at $5,224,000 after purchasing an additional 186,833 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in Ballard Power Systems by 49.5% during the fourth quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock worth $2,642,000 after buying an additional 236,449 shares during the last quarter. TD Asset Management Inc raised its position in Ballard Power Systems by 1.2% in the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock worth $1,599,000 after acquiring an additional 8,154 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Ballard Power Systems by 7.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company’s stock valued at $1,572,000 after acquiring an additional 38,662 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in shares of Ballard Power Systems by 25.0% during the 4th quarter. Allianz Asset Management GmbH now owns 503,000 shares of the technology company’s stock valued at $1,873,000 after acquiring an additional 100,700 shares during the period. 28.02% of the stock is currently 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.