Raymond James Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $2.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price reduced by research analysts at Raymond James from $2.50 to $2.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has a “market perform” rating on the technology company’s stock. Raymond James’ price objective indicates a potential upside of 51.52% from the company’s previous close.

A number of other equities analysts also recently weighed in on BLDP. BMO Capital Markets lowered their price target on Ballard Power Systems from $1.30 to $1.20 and set an “underperform” rating on the stock in a research report on Friday. CIBC reduced their price objective on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating for the company in a report on Wednesday, December 4th. Roth Mkm reduced their price objective on Ballard Power Systems from $1.75 to $1.25 and set a “neutral” rating for the company in a report on Friday. Finally, TD Cowen upgraded Ballard Power Systems to a “strong sell” rating in a report on Monday, January 13th. Six analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Ballard Power Systems presently has a consensus rating of “Hold” and an average price target of $2.31.

Ballard Power Systems Price Performance

Shares of NASDAQ BLDP opened at $1.32 on Friday. The business’s 50 day moving average price is $1.43 and its two-hundred day moving average price is $1.55. The company has a market cap of $395.26 million, a PE ratio of -1.20 and a beta of 1.75. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a twelve month low of $1.08 and a twelve month high of $3.38.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC grew its position in shares of Ballard Power Systems by 137.6% during the 3rd quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock valued at $2,008,000 after purchasing an additional 646,219 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 valued at $779,000 after purchasing an additional 146,104 shares in the last quarter. Van ECK Associates Corp grew its position in Ballard Power Systems by 35.4% in the fourth quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company’s stock worth $4,094,000 after acquiring an additional 644,861 shares in the last quarter. XTX Topco Ltd grew its position in Ballard Power Systems by 29.0% in the third quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock worth $159,000 after acquiring an additional 19,856 shares in the last quarter. Finally, Tidal Investments LLC grew its position in Ballard Power Systems by 17.1% in the third quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock worth $477,000 after acquiring an additional 38,616 shares in the last quarter. 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.