Cormark Boosts Earnings Estimates for Ballard Power Systems

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) – Analysts at Cormark raised their FY2024 earnings per share (EPS) estimates for shares of Ballard Power Systems in a research note issued on Wednesday, November 6th. Cormark analyst M. Whale now expects that the technology company will post earnings per share of ($0.39) for the year, up from their previous forecast of ($0.49). Cormark currently 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 ($0.14) EPS, Q3 2025 earnings at ($0.09) EPS and FY2025 earnings at ($0.41) EPS.

Other analysts have also issued reports about the stock. TD Securities lowered shares of Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $2.50 to $1.50 in a research report on Monday, August 12th. Lake Street Capital cut their target price on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. BMO Capital Markets decreased their price target on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. StockNews.com upgraded Ballard Power Systems to a “sell” rating in a report on Friday, November 1st. Finally, Raymond James reduced their target price on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 14th. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.78.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $1.35 on Friday. Ballard Power Systems has a 12-month low of $1.27 and a 12-month high of $4.02. The company has a current ratio of 9.01, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $1.67 and a 200-day moving average price of $2.20. The firm has a market capitalization of $404.22 million, a PE ratio of -1.23 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 19.96% and a negative net margin of 357.78%. The company had revenue of $16.00 million during the quarter, compared to the consensus estimate of $19.36 million. During the same period last year, the company earned ($0.10) earnings per share. Ballard Power Systems’s revenue was up 4.6% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp raised its position in shares of Ballard Power Systems by 8.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after acquiring an additional 186,833 shares in the last quarter. TD Asset Management Inc grew its stake 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 valued at $1,599,000 after purchasing an additional 8,154 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings 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 worth $1,572,000 after purchasing an additional 38,662 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Ballard Power Systems by 12.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 291,019 shares of the technology company’s stock valued at $535,000 after buying an additional 32,909 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Ballard Power Systems by 4.1% during the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after buying an additional 8,549 shares during the last quarter. 28.02% of the stock is currently owned by hedge funds and other 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.