Ballard Power Systems (NASDAQ:BLDP) Stock Rating Lowered by HSBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was downgraded by equities researchers at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports.

A number of other research analysts also recently commented on BLDP. Lake Street Capital reduced their price target on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Cormark reiterated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. National Bankshares cut their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. CIBC reissued an “underperformer” rating and set a $1.60 price objective (down from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Finally, Jefferies Financial Group dropped their target price on shares of Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Six investment 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.87.

Ballard Power Systems Stock Performance

NASDAQ:BLDP opened at $1.34 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.90 and a quick ratio of 10.05. The firm has a market cap of $401.22 million, a PE ratio of -2.13 and a beta of 1.78. The firm has a 50 day simple moving average of $1.68 and a 200-day simple moving average of $2.21. Ballard Power Systems has a 1-year low of $1.32 and a 1-year high of $4.02.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $16.00 million during the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) earnings per share. On average, equities analysts expect that Ballard Power Systems will post -0.48 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds have recently made changes to their positions in BLDP. Decade Renewable Partners LP acquired a new stake in Ballard Power Systems during the 2nd quarter valued at $450,000. Van ECK Associates Corp grew its holdings in shares of Ballard Power Systems by 8.8% during the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after purchasing an additional 186,833 shares during the last quarter. 3Chopt Investment Partners LLC bought a new stake in shares of Ballard Power Systems during the second quarter worth $219,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Ballard Power Systems in the second quarter valued at $204,000. Finally, XTX Topco Ltd bought a new position in shares of Ballard Power Systems in the second quarter valued at about $154,000. 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.