Ballard Power Systems (NASDAQ:BLDP) Given New $1.40 Price Target at CIBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective lowered by CIBC from $1.60 to $1.40 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “underperformer” rating on the technology company’s stock. CIBC’s target price suggests a potential upside of 3.32% from the stock’s current price.

BLDP has been the subject of a number of other reports. Jefferies Financial Group lowered their target price on shares of Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Lake Street Capital decreased their price objective on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. TD Securities lowered Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their target price for the company from $2.50 to $1.50 in a report on Monday, August 12th. Susquehanna decreased their price target on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, October 16th. Finally, Raymond James reduced their price objective on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, August 14th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems presently has an average rating of “Hold” and a consensus target price of $2.87.

Ballard Power Systems Stock Performance

NASDAQ BLDP traded down $0.32 on Wednesday, hitting $1.36. 5,521,396 shares of the stock traded hands, compared to its average volume of 2,890,151. 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 business’s fifty day moving average is $1.70 and its two-hundred day moving average is $2.22. Ballard Power Systems has a 12 month low of $1.32 and a 12 month high of $4.02. The firm has a market capitalization of $405.71 million, a price-to-earnings ratio of -2.10 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The business 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 quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) EPS. As a group, equities analysts anticipate that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

A number of large investors have recently modified their holdings of BLDP. Decade Renewable Partners LP bought a new position in Ballard Power Systems during the 2nd quarter worth approximately $450,000. Van ECK Associates Corp grew its holdings in shares of Ballard Power Systems by 8.8% in the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after purchasing an additional 186,833 shares during the last quarter. 3Chopt Investment Partners LLC purchased a new position in shares of Ballard Power Systems in the second quarter worth $219,000. Susquehanna Fundamental Investments LLC bought a new stake in Ballard Power Systems during the 2nd quarter valued at $204,000. Finally, XTX Topco Ltd purchased a new stake in Ballard Power Systems during the 2nd quarter valued at $154,000. 28.02% of the stock is owned by hedge funds and other institutional investors.

Ballard Power Systems Company Profile

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.