Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down - Here's Why

Ballard Power Systems Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD shares gapped down before the market opened on Tuesday . The stock had previously closed at $1.73, but opened at $1.61. Ballard Power Systems shares last traded at $1.68, with a volume of 5,432,529 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BLDP shares. Susquehanna cut their target price on shares of Ballard Power Systems from $2.00 to $1.50 and set a "neutral" rating for the company in a research report on Wednesday, October 16th. Jefferies Financial Group dropped their price target on shares of Ballard Power Systems from $3.25 to $2.00 and set a "hold" rating for the company in a research note on Tuesday, August 13th. TD Securities lowered shares of Ballard Power Systems from a "hold" rating to a "sell" rating and lowered their target price for the stock from $2.50 to $1.50 in a report on Monday, August 12th. Raymond James cut their price target on Ballard Power Systems from $4.00 to $3.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 14th. Finally, Cibc World Mkts lowered shares of Ballard Power Systems from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 13th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Ballard Power Systems presently has a consensus rating of "Hold" and an average target price of $2.89.

Ballard Power Systems Trading Down 3.5 %

The firm's 50-day simple moving average is $1.70 and its 200-day simple moving average is $2.23. The company has a quick ratio of 10.05, a current ratio of 10.90 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $500.03 million, a P/E ratio of -2.56 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. The company had revenue of $16.00 million for the quarter, compared to the consensus estimate of $19.36 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. Analysts anticipate that Ballard Power Systems Inc. will post -0.48 EPS for the current year.

Institutional Trading of Ballard Power Systems

Several large investors have recently added to or reduced their stakes in BLDP. Van ECK Associates Corp grew its stake in shares of Ballard Power Systems by 8.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company's stock valued at $5,224,000 after acquiring an additional 186,833 shares during the period. TD Asset Management Inc increased its holdings in shares of Ballard Power Systems by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 707,953 shares of the technology company's stock worth $1,599,000 after buying an additional 8,154 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Ballard Power Systems by 7.3% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company's stock valued at $1,572,000 after buying an additional 38,662 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ballard Power Systems by 12.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 291,019 shares of the technology company's stock valued at $535,000 after acquiring an additional 32,909 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Ballard Power Systems by 4.1% in the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company's stock worth $600,000 after acquiring an additional 8,549 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors.

About Ballard Power Systems

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.

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