Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $3.50

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target dropped by equities research analysts at CIBC from $3.75 to $3.50 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm currently has a “neutral” rating on the technology company’s stock. CIBC’s price target suggests a potential upside of 14.01% from the company’s previous close.

A number of other equities research analysts also recently weighed in on BLDP. Raymond James lowered their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 13th. Piper Sandler dropped their price objective on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a report on Wednesday, March 13th. Truist Financial restated a “hold” rating and issued a $3.00 target price (down previously from $3.50) on shares of Ballard Power Systems in a research report on Wednesday. Citigroup reduced their price target on shares of Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Finally, Jefferies Financial Group lowered their price objective on shares of Ballard Power Systems from $4.00 to $3.50 and set a “hold” rating for the company in a report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.74.

Ballard Power Systems Price Performance

BLDP stock opened at $3.07 on Wednesday. The firm has a 50 day moving average of $2.89 and a 200-day moving average of $3.24. The firm has a market capitalization of $918.82 million, a P/E ratio of -5.20 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 company has a current ratio of 12.25, a quick ratio of 11.60 and a debt-to-equity ratio of 0.01.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 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 for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) earnings per share. As a group, sell-side analysts predict that Ballard Power Systems will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in BLDP. Endowment Wealth Management Inc. bought a new stake in Ballard Power Systems in the first quarter valued at $28,000. Headlands Technologies LLC purchased a new stake in shares of Ballard Power Systems in the 4th quarter worth about $31,000. FNY Investment Advisers LLC boosted its stake in shares of Ballard Power Systems by 5,000.0% during the 4th quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock valued at $37,000 after purchasing an additional 10,000 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of Ballard Power Systems during the third quarter valued at about $48,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Ballard Power Systems by 37.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company’s stock worth $51,000 after buying an additional 3,753 shares in 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.