Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 9.9% – Here’s Why

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) were up 9.9% during mid-day trading on Monday . The stock traded as high as $1.69 and last traded at $1.67. Approximately 4,467,377 shares changed hands during trading, an increase of 58% from the average daily volume of 2,824,264 shares. The stock had previously closed at $1.52.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BLDP shares. Cormark reissued a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Lake Street Capital cut their price target on shares of Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. BMO Capital Markets cut their price target on shares of Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Cibc World Mkts downgraded shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. Finally, TD Securities downgraded shares of Ballard Power Systems from a “hold” rating to a “sell” rating and cut their price target for the company from $2.50 to $1.50 in a report on Monday, August 12th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.89.

Ballard Power Systems Stock Performance

The firm’s 50-day moving average price is $1.73 and its 200 day moving average price is $2.28. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90. The company has a market cap of $503.03 million, a price-to-earnings ratio of -2.66 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. The company had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $19.36 million. During the same quarter in the previous year, the company earned ($0.10) EPS. Ballard Power Systems’s revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts anticipate that Ballard Power Systems Inc. will post -0.48 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BLDP. Endowment Wealth Management Inc. acquired a new position in Ballard Power Systems during the first quarter valued at approximately $28,000. Tidal Investments LLC acquired a new position in Ballard Power Systems during the first quarter valued at approximately $39,000. Scientech Research LLC acquired a new position in shares of Ballard Power Systems in the second quarter valued at approximately $52,000. Daiwa Securities Group Inc. boosted its holdings in shares of Ballard Power Systems by 149.7% in the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after buying an additional 14,415 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in shares of Ballard Power Systems in the first quarter valued at approximately $59,000. Institutional investors and hedge funds 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.