Ballard Power Systems (NASDAQ:BLDP) Stock Rating Reaffirmed by Truist Financial

Truist Financial reissued their hold rating on shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) in a report published on Wednesday, Benzinga reports. The firm currently has a $3.00 price target on the technology company’s stock, down from their prior price target of $3.50.

Several other analysts have also recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Ballard Power Systems from $3.00 to $2.30 and set an underweight rating on the stock in a research note on Wednesday, March 13th. TD Securities decreased their price target on Ballard Power Systems from $3.00 to $2.50 in a research note on Thursday, April 25th. Citigroup cut their price objective on Ballard Power Systems from $4.50 to $3.50 and set a neutral rating on the stock in a research note on Tuesday, February 27th. Raymond James decreased their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a market perform rating for the company in a research report on Wednesday, March 13th. Finally, Jefferies Financial Group dropped their price target on shares of Ballard Power Systems from $4.00 to $3.50 and set a hold rating on the stock in a research report on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $3.77.

Ballard Power Systems Price Performance

Shares of BLDP opened at $2.88 on Wednesday. The company has a quick ratio of 11.60, a current ratio of 12.25 and a debt-to-equity ratio of 0.01. The stock has a market cap of $861.96 million, a PE ratio of -4.88 and a beta of 1.65. Ballard Power Systems has a 12-month low of $2.42 and a 12-month high of $5.68. The business has a 50-day simple moving average of $2.89 and a two-hundred day simple moving average of $3.24.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The firm had revenue of $14.50 million during the quarter, compared to analyst estimates of $17.55 million. During the same period in the prior year, the company earned ($0.11) EPS. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. Analysts anticipate that Ballard Power Systems will post -0.51 earnings per share for the current fiscal year.

Institutional Trading of Ballard Power Systems

Several large investors have recently made changes to their positions in the company. Mackenzie Financial Corp raised its stake in Ballard Power Systems by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 115,748 shares of the technology company’s stock worth $393,000 after buying an additional 2,974 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ballard Power Systems by 27.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after purchasing an additional 849,311 shares during the period. Arete Wealth Advisors LLC bought a new position in shares of Ballard Power Systems in the 3rd quarter worth $48,000. CIBC Asset Management Inc grew its position in Ballard Power Systems by 2.8% in the 3rd quarter. CIBC Asset Management Inc now owns 241,827 shares of the technology company’s stock valued at $893,000 after purchasing an additional 6,494 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Ballard Power Systems by 5.0% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 404,305 shares of the technology company’s stock valued at $1,484,000 after purchasing an additional 19,245 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.