Ballard Power Systems (TSE:BLDP) Coverage Initiated at Piper Sandler

Analysts at Piper Sandler assumed coverage on shares of Ballard Power Systems (TSE:BLDP – Get Rating) in a report issued on Wednesday, TipRanks reports. The brokerage set a “sell” rating and a C$5.00 price target on the stock. Piper Sandler’s target price points to a potential downside of 47.03% from the stock’s previous close.

Several other research firms also recently weighed in on BLDP. B. Riley Financial restated a “buy” rating and set a C$15.00 price objective on shares of Ballard Power Systems in a report on Tuesday, February 8th. Susquehanna Bancshares restated a “hold” rating and set a C$11.00 price objective on shares of Ballard Power Systems in a report on Thursday, March 10th. Wells Fargo & Company restated a “hold” rating and set a C$9.00 price objective on shares of Ballard Power Systems in a report on Thursday, May 12th. Raymond James lowered their price objective on shares of Ballard Power Systems from C$25.00 to C$14.00 and set an “outperform” rating on the stock in a report on Tuesday, March 15th. Finally, Eight Capital lowered their price objective on shares of Ballard Power Systems from C$18.00 to C$12.00 and set a “neutral” rating on the stock in a report on Wednesday, March 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of C$12.02.

Shares of Ballard Power Systems stock traded down C$0.06 during trading on Wednesday, reaching C$9.44. 574,704 shares of the company traded hands, compared to its average volume of 1,549,802. The company has a debt-to-equity ratio of 1.34, a current ratio of 15.36 and a quick ratio of 14.51. Ballard Power Systems has a 1-year low of C$7.55 and a 1-year high of C$24.48. The company has a 50 day moving average price of C$11.01 and a 200-day moving average price of C$13.42. The firm has a market capitalization of C$2.81 billion and a PE ratio of -16.19.

In related news, Senior Officer Robert Randall Macewen sold 33,079 shares of the firm’s stock in a transaction that occurred on Thursday, March 31st. The shares were sold at an average price of C$14.67, for a total value of C$485,326.82. Following the sale, the insider now directly owns 312,680 shares of the company’s stock, valued at C$4,587,562.79. Also, Senior Officer Jay Francis Murray sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of C$14.70, for a total transaction of C$36,750.00. Following the completion of the sale, the insider now directly owns 5,188 shares in the company, valued at C$76,263.60.

About Ballard Power Systems (Get Rating)

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 markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power.

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