Wells Fargo & Company Increases Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.50

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective raised by research analysts at Wells Fargo & Company from $1.00 to $1.50 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 18.03% from the company’s previous close.

Other analysts also recently issued research reports about the company. UBS Group dropped their price target on Ballard Power Systems from $2.00 to $1.40 and set a “neutral” rating on the stock in a research note on Monday, May 12th. Lake Street Capital cut Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Monday. Citigroup restated a “sell” rating and issued a $1.00 price objective (down previously from $1.50) on shares of Ballard Power Systems in a report on Thursday, April 17th. Roth Capital restated a “neutral” rating and issued a $1.80 price objective (up previously from $1.25) on shares of Ballard Power Systems in a report on Monday. Finally, BMO Capital Markets raised their price objective on Ballard Power Systems from $1.00 to $1.10 and gave the company an “underperform” rating in a report on Tuesday. Five investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, Ballard Power Systems presently has a consensus rating of “Hold” and a consensus price target of $1.51.

Ballard Power Systems Stock Performance

BLDP opened at $1.83 on Wednesday. The business’s 50-day moving average price is $1.76 and its two-hundred day moving average price is $1.45. Ballard Power Systems has a 1 year low of $1.00 and a 1 year high of $2.28. The company has a market capitalization of $548.76 million, a price-to-earnings ratio of -1.85 and a beta of 1.76. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.31 and a quick ratio of 8.13.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Ballard Power Systems had a negative return on equity of 21.52% and a negative net margin of 409.35%. The firm had revenue of $17.98 million for the quarter, compared to the consensus estimate of $17.94 million. Equities analysts expect that Ballard Power Systems will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Ballard Power Systems during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. grew its holdings in Ballard Power Systems by 125.2% during the second quarter. SBI Securities Co. Ltd. now owns 23,553 shares of the technology company’s stock worth $37,000 after purchasing an additional 13,094 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Ballard Power Systems by 21.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 30,459 shares of the technology company’s stock worth $48,000 after purchasing an additional 5,482 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in Ballard Power Systems during the first quarter worth about $40,000. Finally, Daiwa Securities Group Inc. grew its holdings in Ballard Power Systems by 108.8% during the second quarter. Daiwa Securities Group Inc. now owns 36,792 shares of the technology company’s stock worth $58,000 after purchasing an additional 19,170 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.