CIBC Issues Pessimistic Forecast for Ballard Power Systems (NASDAQ:BLDP) Stock Price

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target dropped by equities research analysts at CIBC from $1.40 to $1.20 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “underperformer” rating on the technology company’s stock. CIBC’s price target suggests a potential downside of 25.93% from the stock’s current price.

Several other research firms have also issued reports on BLDP. Cibc World Mkts lowered shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. Truist Financial cut their price objective 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. Susquehanna reduced their price objective on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Wednesday, October 16th. StockNews.com upgraded Ballard Power Systems to a “sell” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company dropped their target price on Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 13th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.77.

Ballard Power Systems Stock Up 11.7 %

BLDP opened at $1.62 on Wednesday. The company has a market cap of $485.06 million, a PE ratio of -1.47 and a beta of 1.72. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01. Ballard Power Systems has a 1 year low of $1.23 and a 1 year high of $4.02. The firm has a 50 day moving average price of $1.54 and a 200 day moving average price of $2.01.

Institutional Trading of Ballard Power Systems

Institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in shares of Ballard Power Systems in the 1st quarter valued at about $39,000. First Commonwealth Financial Corp PA acquired a new stake in Ballard Power Systems during the third quarter worth about $27,000. Scientech Research LLC bought a new position in Ballard Power Systems in the second quarter worth about $52,000. Daiwa Securities Group Inc. boosted its stake in Ballard Power Systems by 149.7% in the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after acquiring an additional 14,415 shares during the period. Finally, Toronto Dominion Bank grew its holdings in shares of Ballard Power Systems by 300.0% during the third quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock valued at $50,000 after purchasing an additional 20,949 shares during the last quarter. Institutional investors 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.