Truist Financial Trims Ballard Power Systems (NASDAQ:BLDP) Target Price to $6.00

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) had its target price reduced by research analysts at Truist Financial from $7.00 to $6.00 in a report released on Wednesday, The Fly reports. Truist Financial’s price objective suggests a potential upside of 17.19% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Scotiabank began coverage on shares of Ballard Power Systems in a research report on Thursday, March 9th. They issued a “sector perform” rating and a $7.25 target price on the stock. Wells Fargo & Company lowered shares of Ballard Power Systems from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $6.00 to $5.00 in a report on Friday, January 6th. National Bankshares cut their price target on shares of Ballard Power Systems from $8.00 to $7.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 17th. Cowen cut their price target on shares of Ballard Power Systems to $7.50 in a report on Tuesday, November 15th. Finally, UBS Group initiated coverage on shares of Ballard Power Systems in a report on Tuesday, December 13th. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.25.

Ballard Power Systems Price Performance

BLDP opened at $5.12 on Wednesday. The company’s 50 day simple moving average is $5.94 and its 200 day simple moving average is $6.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 13.65 and a current ratio of 14.44. Ballard Power Systems has a 1 year low of $4.43 and a 1 year high of $12.57. The stock has a market capitalization of $1.53 billion, a PE ratio of -8.26 and a beta of 1.91.

Institutional Trading of Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Ballard Power Systems by 4.4% in the 1st quarter. JPMorgan Chase & Co. now owns 135,193 shares of the technology company’s stock valued at $1,574,000 after acquiring an additional 5,739 shares in the last quarter. AlphaCrest Capital Management LLC bought a new stake in Ballard Power Systems in the 1st quarter valued at approximately $393,000. Dimensional Fund Advisors LP bought a new stake in Ballard Power Systems in the 1st quarter valued at approximately $3,379,000. Aviva PLC raised its stake in shares of Ballard Power Systems by 981.9% during the 1st quarter. Aviva PLC now owns 184,341 shares of the technology company’s stock worth $2,149,000 after purchasing an additional 167,303 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of Ballard Power Systems by 38.4% during the 1st quarter. Allianz Asset Management GmbH now owns 3,249,662 shares of the technology company’s stock worth $37,855,000 after purchasing an additional 902,351 shares in the last quarter. 31.97% of the stock is currently owned by institutional investors and hedge funds.

About Ballard Power Systems

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Ballard Power Systems, Inc engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power, as well as the delivery of technology solutions.