Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down to $1.93

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $1.93, but opened at $1.88. Ballard Power Systems shares last traded at $1.85, with a volume of 373,948 shares changing hands.

Wall Street Analysts Forecast Growth

BLDP has been the topic of a number of recent analyst reports. BMO Capital Markets dropped their price target on shares of Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating on the stock in a research report on Tuesday. HSBC dropped their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Jefferies Financial Group decreased their price target on Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating for the company in a report on Tuesday. TD Securities downgraded Ballard Power Systems from a “hold” rating to a “sell” rating and dropped their price objective for the company from $2.50 to $1.50 in a research note on Monday. Finally, CIBC reaffirmed an “underperformer” rating and set a $1.60 target price (down previously from $3.50) on shares of Ballard Power Systems in a research note on Tuesday. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.18.

Ballard Power Systems Price Performance

The stock has a market capitalization of $589.84 million, a P/E ratio of -3.18 and a beta of 1.77. The business has a fifty day simple moving average of $2.37 and a 200 day simple moving average of $2.77. The company has a current ratio of 11.66, a quick ratio of 10.88 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $16.00 million during the quarter, compared to the consensus estimate of $19.36 million. Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. Ballard Power Systems’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.10) earnings per share. On average, analysts expect that Ballard Power Systems Inc. will post -0.51 earnings per share for the current year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently made changes to their positions in the company. Endowment Wealth Management Inc. purchased a new position in Ballard Power Systems during the first quarter worth about $28,000. Headlands Technologies LLC purchased a new position in shares of Ballard Power Systems in the 4th quarter worth approximately $31,000. Tidal Investments LLC purchased a new position in shares of Ballard Power Systems in the 1st quarter worth approximately $39,000. Daiwa Securities Group Inc. boosted its stake in shares of Ballard Power Systems by 149.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after buying an additional 14,415 shares during the last quarter. Finally, Westwood Holdings Group Inc. purchased a new stake in shares of Ballard Power Systems during the first quarter valued at approximately $59,000. Hedge funds and other 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.