Ballard Power Systems (NASDAQ:BLDP) Reaches New 12-Month Low After Analyst Downgrade

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price hit a new 52-week low during trading on Thursday after TD Securities lowered their price target on the stock from $3.00 to $2.50. The company traded as low as $2.42 and last traded at $2.46, with a volume of 1141793 shares changing hands. The stock had previously closed at $2.54.

Several other analysts also recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating on the stock in a research note on Tuesday, January 30th. Raymond James dropped their price target on Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 13th. Piper Sandler decreased their price objective on Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a research report on Wednesday, March 13th. Finally, Citigroup dropped their target price on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $3.94.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BLDP. Mackenzie Financial Corp increased its holdings in shares of Ballard Power Systems by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 115,748 shares of the technology company’s stock valued at $393,000 after acquiring an additional 2,974 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Ballard Power Systems by 37.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company’s stock valued at $51,000 after purchasing an additional 3,753 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Ballard Power Systems by 0.9% in the third quarter. Public Sector Pension Investment Board now owns 542,101 shares of the technology company’s stock valued at $2,005,000 after purchasing an additional 4,677 shares during the period. CIBC Asset Management Inc raised its position in shares of Ballard Power Systems by 2.8% in the third 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, Headlands Technologies LLC acquired a new stake in shares of Ballard Power Systems in the fourth quarter worth $31,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Trading Down 2.8 %

The company’s fifty day moving average is $2.95 and its 200-day moving average is $3.29. The company has a current ratio of 12.25, a quick ratio of 11.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $739.25 million, a P/E ratio of -4.19 and a beta of 1.66.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Monday, March 11th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $46.80 million for the quarter, compared to the consensus estimate of $26.32 million. Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The firm’s revenue was up 131.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.12) earnings per share. As a group, sell-side analysts anticipate that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

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.