Ballard Power Systems (NASDAQ:BLDP) Cut to Hold at HSBC

HSBC downgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a buy rating to a hold rating in a research note published on Wednesday morning, Marketbeat Ratings reports.

A number of other brokerages have also recently issued reports on BLDP. National Bankshares decreased their target price on Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. CIBC reiterated an “underperformer” rating and set a $1.60 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Tuesday, August 13th. TD Securities downgraded shares of Ballard Power Systems from a “hold” rating to a “sell” rating and cut their target price for the company from $2.50 to $1.50 in a research note on Monday, August 12th. Cibc World Mkts lowered shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. Finally, Truist Financial lowered their price target on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.87.

Ballard Power Systems Stock Performance

Shares of BLDP stock opened at $1.35 on Wednesday. Ballard Power Systems has a one year low of $1.32 and a one year high of $4.02. The company has a 50 day moving average price of $1.69 and a 200 day moving average price of $2.21. The firm has a market capitalization of $404.22 million, a price-to-earnings ratio of -2.14 and a beta of 1.78. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its 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. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. During the same period last year, the company posted ($0.10) EPS. The business’s quarterly revenue was up 4.6% on a year-over-year basis. Sell-side analysts anticipate that Ballard Power Systems will post -0.48 EPS for the current year.

Institutional Trading of Ballard Power Systems

Several institutional investors and hedge funds have recently bought and sold shares of BLDP. BNP Paribas Financial Markets increased its holdings in shares of Ballard Power Systems by 4.1% in the 1st quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after acquiring an additional 8,549 shares during the last quarter. Endowment Wealth Management Inc. bought a new stake in Ballard Power Systems during the first quarter valued at $28,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Ballard Power Systems by 7.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company’s stock worth $1,572,000 after purchasing an additional 38,662 shares during the period. Toronto Dominion Bank raised its holdings in shares of Ballard Power Systems by 182.8% during the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock worth $96,000 after purchasing an additional 22,273 shares during the period. Finally, Westwood Holdings Group Inc. bought a new position in shares of Ballard Power Systems in the 1st quarter worth about $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.