Ballard Power Systems (NASDAQ:BLDP) Shares Up 10.2% – Still a Buy?

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price shot up 10.2% on Thursday . The company traded as high as $1.83 and last traded at $1.83. 2,510,449 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 3,402,973 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

BLDP has been the topic of a number of research analyst reports. CIBC lowered their price objective on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. HSBC cut Ballard Power Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Cormark restated a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Susquehanna lowered their target price on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. Finally, Citigroup cut their price target on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ballard Power Systems has an average rating of “Hold” and a consensus target price of $2.77.

Ballard Power Systems Stock Up 4.3 %

The business has a 50-day simple moving average of $1.54 and a two-hundred day simple moving average of $1.82. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. The company has a market cap of $574.89 million, a price-to-earnings ratio of -1.75 and a beta of 1.67.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. First Commonwealth Financial Corp PA acquired a new stake in Ballard Power Systems in the 3rd quarter worth $27,000. Toronto Dominion Bank grew its holdings in shares of Ballard Power Systems by 300.0% in the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock worth $50,000 after purchasing an additional 20,949 shares during the last quarter. Scientech Research LLC bought a new stake in Ballard Power Systems during the second quarter worth about $52,000. Daiwa Securities Group Inc. increased its holdings in Ballard Power Systems by 149.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after purchasing an additional 14,415 shares in the last quarter. Finally, MQS Management LLC bought a new position in shares of Ballard Power Systems in the second quarter valued at about $79,000. Institutional investors own 28.02% of the company’s stock.

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.