Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 9.9% - Here's Why

Ballard Power Systems Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's stock price rose 9.9% on Monday . The company traded as high as $1.69 and last traded at $1.67. Approximately 4,467,377 shares changed hands during trading, an increase of 58% from the average daily volume of 2,824,264 shares. The stock had previously closed at $1.52.

Analyst Ratings Changes

BLDP has been the subject of a number of research reports. CIBC restated an "underperformer" rating and set a $1.60 target price (down from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Cibc World Mkts downgraded shares of Ballard Power Systems from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 13th. Lake Street Capital reduced their price target on shares of Ballard Power Systems from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Tuesday, August 13th. Susquehanna reduced their price target 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. Finally, Raymond James reduced their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a "market perform" rating for the company in a research report on Wednesday, August 14th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.89.

Ballard Power Systems Stock Up 10.5 %

The business's 50 day moving average is $1.73 and its 200-day moving average is $2.28. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90. The firm has a market capitalization of $503.03 million, a price-to-earnings ratio of -2.66 and a beta of 1.78.

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

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Endowment Wealth Management Inc. bought a new position in shares of Ballard Power Systems during the 1st quarter worth about $28,000. Tidal Investments LLC bought a new position in shares of Ballard Power Systems during the 1st quarter worth about $39,000. Scientech Research LLC bought a new position in shares of Ballard Power Systems during the 2nd quarter worth about $52,000. Daiwa Securities Group Inc. lifted its holdings in shares of Ballard Power Systems by 149.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company's stock worth $54,000 after acquiring an additional 14,415 shares during the period. Finally, Westwood Holdings Group Inc. bought a new position in shares of Ballard Power Systems during the 1st quarter worth about $59,000. 28.02% of the stock is 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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