Ballard Power Systems (NASDAQ:BLDP) PT Lowered to $6.00

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) had its target price cut by research analysts at B. Riley from $9.00 to $6.00 in a report issued on Monday, The Fly reports. B. Riley’s price objective points to a potential upside of 36.05% from the company’s current price.

Several other equities analysts have also weighed in on the stock. BMO Capital Markets dropped their price objective on shares of Ballard Power Systems from $5.50 to $4.50 in a report on Monday, March 20th. Truist Financial decreased their price objective on Ballard Power Systems from $7.00 to $6.00 in a report on Wednesday, March 15th. National Bankshares decreased their price objective on Ballard Power Systems from $8.00 to $7.00 and set a “sector perform” rating for the company in a report on Tuesday, January 17th. Scotiabank initiated coverage on shares of Ballard Power Systems in a report on Thursday, March 9th. They set a “sector perform” rating and a $7.25 price objective for the company. Finally, Raymond James reduced their price objective on shares of Ballard Power Systems from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Tuesday, March 21st. Two analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the stock. According to MarketBeat.com, Ballard Power Systems has a consensus rating of “Hold” and an average target price of $6.82.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $4.41 on Monday. The company has a current ratio of 14.06, a quick ratio of 13.26 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $5.05 and a two-hundred day moving average price of $5.52. Ballard Power Systems has a 1-year low of $4.07 and a 1-year high of $9.28. The company has a market cap of $1.32 billion, a P/E ratio of -7.54 and a beta of 1.89.

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) last issued its quarterly earnings results on Friday, March 17th. The technology company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $20.50 million during the quarter, compared to the consensus estimate of $25.62 million. Ballard Power Systems had a negative return on equity of 13.20% and a negative net margin of 206.98%. The business’s revenue was down 44.1% compared to the same quarter last year. During the same period last year, the business posted ($0.15) EPS. As a group, analysts anticipate that Ballard Power Systems will post -0.52 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Ballard Power Systems in the fourth quarter worth $17,983,000. Millennium Management LLC increased its holdings in Ballard Power Systems by 580.6% during the 2nd quarter. Millennium Management LLC now owns 3,352,040 shares of the technology company’s stock valued at $21,140,000 after purchasing an additional 2,859,528 shares during the period. Renaissance Technologies LLC purchased a new position in Ballard Power Systems during the 1st quarter valued at about $25,988,000. Barclays PLC increased its holdings in Ballard Power Systems by 190.8% during the 3rd quarter. Barclays PLC now owns 2,004,857 shares of the technology company’s stock valued at $12,269,000 after purchasing an additional 1,315,412 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Ballard Power Systems by 31.3% in the fourth quarter. Legal & General Group Plc now owns 4,253,396 shares of the technology company’s stock valued at $20,342,000 after acquiring an additional 1,014,539 shares in the last quarter. 31.97% of the stock is owned by hedge funds and other institutional investors.

Ballard Power Systems Company Profile

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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.