Ballard Power Systems (NASDAQ:BLDP) Downgraded by Hsbc Global Res to “Hold”

Hsbc Global Res lowered shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

A number of other brokerages have also commented on BLDP. TD Securities lowered Ballard Power Systems from a “hold” rating to a “sell” rating and dropped their price target for the stock from $2.50 to $1.50 in a report on Monday, August 12th. Lake Street Capital lowered their target price 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. Cormark restated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. Raymond James reduced their price target on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, August 14th. Finally, CIBC reduced their price target on Ballard Power Systems from $1.60 to $1.40 and set an “underperformer” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.87.

Ballard Power Systems Stock Down 19.2 %

BLDP stock opened at $1.35 on Wednesday. The stock’s 50 day moving average is $1.69 and its 200-day moving average is $2.21. The firm has a market capitalization of $404.22 million, a PE ratio of -2.14 and a beta of 1.78. Ballard Power Systems has a twelve month low of $1.32 and a twelve month high of $4.02. The company has a quick ratio of 10.05, a current ratio of 10.90 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. Ballard Power Systems’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted ($0.10) earnings per share. Sell-side analysts expect that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank lifted its stake in 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 last quarter. BNP Paribas Financial Markets lifted its stake 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 worth $600,000 after purchasing an additional 8,549 shares during the last quarter. Tidal Investments LLC bought a new stake in Ballard Power Systems during the first quarter worth about $39,000. Van ECK Associates Corp lifted its stake in Ballard Power Systems by 8.8% during 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. Finally, SG Americas Securities LLC lifted its stake in Ballard Power Systems by 84.3% during the second quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock worth $179,000 after purchasing an additional 36,368 shares during the last quarter. Institutional investors own 28.02% of the company’s stock.

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.