Ballard Power Systems (NASDAQ:BLDP) Sees Strong Trading Volume – Here’s Why

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw an uptick in trading volume on Tuesday . 6,714,604 shares traded hands during trading, an increase of 98% from the previous session’s volume of 3,384,746 shares.The stock last traded at $1.68 and had previously closed at $1.67.

Analysts Set New Price Targets

BLDP has been the subject of several recent research reports. HSBC downgraded Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Susquehanna lowered their price target on shares of Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a research report on Wednesday, October 16th. Citigroup reduced their price objective on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Hsbc Global Res downgraded Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Cormark restated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Ballard Power Systems has an average rating of “Hold” and an average price target of $2.77.

Ballard Power Systems Trading Down 0.3 %

The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03. The company has a fifty day simple moving average of $1.52 and a 200-day simple moving average of $1.84. The company has a market capitalization of $498.54 million, a PE ratio of -1.51 and a beta of 1.72.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently made changes to their positions in BLDP. Garden State Investment Advisory Services LLC purchased a new position in shares of Ballard Power Systems during the third quarter worth $119,000. Tidal Investments LLC grew its position in Ballard Power Systems by 17.1% in the 3rd quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock valued at $477,000 after acquiring an additional 38,616 shares in the last quarter. Virtu Financial LLC purchased a new stake in Ballard Power Systems during the third quarter worth about $135,000. Toronto Dominion Bank grew its holdings in shares of Ballard Power Systems by 300.0% in 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 in the last quarter. Finally, Geode Capital Management LLC increased its stake in Ballard Power Systems by 51.0% during the 3rd quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company’s stock worth $779,000 after buying an additional 146,104 shares during the period. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Company Profile

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.