Ballard Power Systems (NASDAQ:BLDP) Shares Gap Up – Time to Buy?

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) gapped up prior to trading on Monday . The stock had previously closed at $1.92, but opened at $2.04. Ballard Power Systems shares last traded at $1.98, with a volume of 1,134,258 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have commented on BLDP shares. HSBC lowered shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. StockNews.com raised Ballard Power Systems to a “sell” rating in a research note on Friday, November 1st. Susquehanna decreased their target price on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, October 16th. Cormark reaffirmed a “market perform” rating on shares of Ballard Power Systems in a research report on Monday, September 16th. Finally, Citigroup decreased their price objective on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.77.

Ballard Power Systems Price Performance

The stock has a market capitalization of $529.98 million, a P/E ratio of -1.61 and a beta of 1.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19. The company’s 50-day simple moving average is $1.55 and its 200-day simple moving average is $1.80.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently bought and sold shares of the business. Garden State Investment Advisory Services LLC bought a new position in shares of Ballard Power Systems during the 3rd quarter worth approximately $119,000. Tidal Investments LLC lifted its holdings in Ballard Power Systems by 17.1% during the 3rd quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock valued at $477,000 after purchasing an additional 38,616 shares during the last quarter. Virtu Financial LLC bought a new position in Ballard Power Systems during the third quarter worth $135,000. Toronto Dominion Bank increased 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 during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Ballard Power Systems by 51.0% in the third quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company’s stock valued at $779,000 after purchasing an additional 146,104 shares during the period. 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.