Ballard Power Systems Inc. (NASDAQ:BLDP) Given Average Rating of “Hold” by Brokerages

Posted by Defense World Staff on May 5th, 2023

Ballard Power Systems Inc. (NASDAQ:BLDP – Get Rating) (TSE:BLD) has received a consensus recommendation of “Hold” from the nineteen analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $7.00.

A number of research firms have weighed in on BLDP. Scotiabank started coverage on shares of Ballard Power Systems in a research note on Thursday, March 9th. They set a “sector perform” rating and a $7.25 target price on the stock. Wells Fargo & Company downgraded Ballard Power Systems from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $6.00 to $5.00 in a research report on Friday, January 6th. National Bankshares dropped their target price on shares of 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. Raymond James dropped their target price on shares of Ballard Power Systems from $6.00 to $5.00 and set a “market perform” rating on the stock in a report on Tuesday, March 21st. Finally, TD Securities dropped their price objective on Ballard Power Systems from $6.50 to $5.00 and set a “hold” rating on the stock in a research report on Monday, March 20th.

Ballard Power Systems Stock Performance

BLDP opened at $4.32 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 14.06 and a quick ratio of 13.26. The business has a 50 day moving average price of $5.12 and a two-hundred day moving average price of $5.54. Ballard Power Systems has a 1-year low of $4.07 and a 1-year high of $9.28. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -7.32 and a beta of 1.89.

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) last posted its earnings results on Friday, March 17th. The technology company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $20.50 million during the quarter, compared to analyst estimates 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 company’s revenue for the quarter was down 44.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) EPS. Research analysts predict that Ballard Power Systems will post -0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Ballard Power Systems by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 8,604,637 shares of the technology company’s stock valued at $52,660,000 after purchasing an additional 237,435 shares during the period. Legal & General Group Plc raised its holdings in Ballard Power Systems by 31.3% during the 4th quarter. Legal & General Group Plc now owns 4,253,396 shares of the technology company’s stock worth $20,342,000 after purchasing an additional 1,014,539 shares during the last quarter. Norges Bank bought a new stake in shares of Ballard Power Systems in the 4th quarter valued at about $17,983,000. Morgan Stanley increased its stake in Ballard Power Systems by 20.9% during the 4th quarter. Morgan Stanley now owns 3,688,259 shares of the technology company’s stock worth $17,667,000 after purchasing an additional 638,824 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Ballard Power Systems by 1.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 3,374,506 shares of the technology company’s stock worth $20,778,000 after purchasing an additional 32,634 shares in the last quarter. 31.97% of the stock is currently owned by 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.