Scotia Capital Inc. Sells 2,972 Shares of Ballard Power Systems Inc. (NASDAQ:BLDP)

Scotia Capital Inc. reduced its stake in shares of Ballard Power Systems Inc. (NASDAQ:BLDP – Get Rating) (TSE:BLD) by 10.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,510 shares of the technology company’s stock after selling 2,972 shares during the period. Scotia Capital Inc.’s holdings in Ballard Power Systems were worth $127,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BLDP. Hartline Investment Corp bought a new position in Ballard Power Systems during the fourth quarter valued at $52,000. Raymond James & Associates purchased a new position in shares of Ballard Power Systems during the 4th quarter valued at $60,000. Creative Planning bought a new position in shares of Ballard Power Systems during the 3rd quarter worth $63,000. LMR Partners LLP bought a new position in shares of Ballard Power Systems during the 3rd quarter worth $78,000. Finally, PDT Partners LLC purchased a new stake in Ballard Power Systems in the 2nd quarter worth about $83,000. Hedge funds and other institutional investors own 31.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. B. Riley cut their target price on shares of Ballard Power Systems from $9.00 to $6.00 in a research report on Monday, May 8th. Raymond James cut 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. Truist Financial lowered their target price on shares of Ballard Power Systems from $7.00 to $6.00 in a report on Wednesday, March 15th. Susquehanna reduced their price target on Ballard Power Systems from $6.00 to $5.50 in a research report on Monday, March 20th. Finally, Scotiabank assumed coverage on Ballard Power Systems in a research note on Thursday, March 9th. They set a “sector perform” rating and a $7.25 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and fourteen have assigned a hold rating to the stock. According to data from MarketBeat.com, Ballard Power Systems has a consensus rating of “Hold” and an average target price of $6.82.

Ballard Power Systems Price Performance

Shares of BLDP opened at $4.36 on Monday. Ballard Power Systems Inc. has a 1-year low of $4.07 and a 1-year high of $9.28. The company has a quick ratio of 13.31, a current ratio of 14.24 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $4.83 and its 200 day simple moving average is $5.44.

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) last released its quarterly earnings results on Friday, March 17th. The technology company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. Ballard Power Systems had a negative return on equity of 13.10% and a negative net margin of 219.52%. The business had revenue of $20.50 million for the quarter, compared to the consensus estimate of $25.62 million. During the same quarter last year, the business posted ($0.15) earnings per share. The company’s revenue for the quarter was down 44.1% on a year-over-year basis. On average, equities research analysts anticipate that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

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.