HSBC Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.40

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price lowered by HSBC from $1.90 to $1.40 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a hold rating on the technology company’s stock.

A number of other brokerages also recently commented on BLDP. TD Cowen upgraded shares of Ballard Power Systems to a “strong sell” rating in a research note on Monday, January 13th. Raymond James lowered their target price on shares of Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating on the stock in a research report on Friday. Roth Mkm dropped their price target on Ballard Power Systems from $1.75 to $1.25 and set a “neutral” rating on the stock in a research report on Friday. CIBC cut their price objective on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating for the company in a research report on Wednesday, December 4th. Finally, BMO Capital Markets lowered their price objective on Ballard Power Systems from $1.30 to $1.20 and set an “underperform” rating on the stock in a report on Friday. Six analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems has a consensus rating of “Hold” and a consensus target price of $2.31.

Ballard Power Systems Stock Performance

NASDAQ:BLDP opened at $1.32 on Friday. Ballard Power Systems has a 52 week low of $1.08 and a 52 week high of $3.38. The company has a market cap of $395.26 million, a price-to-earnings 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. The company has a fifty day simple moving average of $1.43 and a two-hundred day simple moving average of $1.55.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds have recently modified their holdings of the company. Toronto Dominion Bank increased its stake in Ballard Power Systems by 181.5% in the fourth quarter. Toronto Dominion Bank now owns 78,628 shares of the technology company’s stock valued at $131,000 after purchasing an additional 50,695 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Ballard Power Systems during the fourth quarter worth approximately $150,000. Two Sigma Advisers LP boosted its holdings in shares of Ballard Power Systems by 104.6% in the 4th quarter. Two Sigma Advisers LP now owns 975,100 shares of the technology company’s stock valued at $1,619,000 after purchasing an additional 498,600 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Ballard Power Systems by 58.4% during the 4th quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company’s stock valued at $2,977,000 after buying an additional 661,413 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Ballard Power Systems by 51.3% during the 4th quarter. Tidal Investments LLC now owns 400,533 shares of the technology company’s stock worth $665,000 after buying an additional 135,752 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

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.