Lake Street Capital Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $10.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target lowered by Lake Street Capital from $15.00 to $10.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

BLDP has been the subject of several other reports. Jefferies Financial Group decreased their price target on shares of Ballard Power Systems from $3.25 to $2.00 and set a hold rating for the company in a research note on Tuesday. Truist Financial decreased their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set a hold rating for the company in a research note on Tuesday. CIBC restated an underperformer rating and issued a $1.60 price target (down previously from $3.50) on shares of Ballard Power Systems in a research note on Tuesday. National Bankshares reduced their price objective on Ballard Power Systems from $4.00 to $3.00 and set a sector perform rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company dropped their target price on Ballard Power Systems from $3.00 to $2.00 and set an underweight rating on the stock in a report on Tuesday. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $3.11.

Ballard Power Systems Trading Up 1.1 %

BLDP stock opened at $1.85 on Tuesday. Ballard Power Systems has a fifty-two week low of $1.77 and a fifty-two week high of $4.48. The business’s 50 day moving average price is $2.33 and its two-hundred day moving average price is $2.76. The company has a current ratio of 10.90, a quick ratio of 10.88 and a debt-to-equity ratio of 0.03.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc boosted its holdings in shares of Ballard Power Systems by 2.9% in the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after buying an additional 7,060 shares during the last quarter. TD Asset Management Inc grew its position in shares of Ballard Power Systems by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after acquiring an additional 8,154 shares during the period. Headlands Technologies LLC bought a new stake in shares of Ballard Power Systems during the 4th quarter valued at $31,000. BNP Paribas Financial Markets lifted its position in Ballard Power Systems by 4.1% during the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after purchasing an additional 8,549 shares in the last quarter. Finally, Endowment Wealth Management Inc. bought a new position in shares of Ballard Power Systems in the first quarter worth about $28,000. 28.02% of the stock is owned by hedge funds and other institutional investors.

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.