Zacks Investment Research upgraded shares of Ballard Power Systems Inc. (NASDAQ:BLDP) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $2.50 price objective on the stock.
According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “
A number of other brokerages have also weighed in on BLDP. FBR & Co reiterated an outperform rating and set a $3.00 target price on shares of Ballard Power Systems in a research note on Friday, August 19th. TheStreet upgraded shares of Ballard Power Systems from a sell rating to a hold rating in a research note on Friday, August 26th. Finally, Roth Capital restated a buy rating and issued a $2.50 price objective on shares of Ballard Power Systems in a research note on Sunday, August 14th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Ballard Power Systems has an average rating of Buy and a consensus price target of $2.21.
Ballard Power Systems (NASDAQ:BLDP) opened at 2.24 on Tuesday. The company’s market cap is $351.56 million. The firm has a 50-day moving average price of $2.02 and a 200 day moving average price of $1.60. Ballard Power Systems has a one year low of $1.11 and a one year high of $2.38.
Ballard Power Systems (NASDAQ:BLDP) last announced its earnings results on Wednesday, July 27th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The business earned $17.60 million during the quarter, compared to analyst estimates of $18.32 million. Ballard Power Systems had a negative net margin of 30.51% and a negative return on equity of 19.49%. Equities analysts expect that Ballard Power Systems will post ($0.15) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Ballard Power Systems stock. Renaissance Technologies LLC raised its position in Ballard Power Systems Inc. (NASDAQ:BLDP) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 326,300 shares of the company’s stock after buying an additional 30,600 shares during the period. Renaissance Technologies LLC owned approximately 0.21% of Ballard Power Systems worth $455,000 at the end of the most recent quarter. 4.01% of the stock is currently owned by hedge funds and other institutional investors.
About Ballard Power Systems
Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of fuel cell products. The Company is focused on its power product markets of heavy-duty motive, portable power, material handling and telecom backup power, as well as the delivery of technology solutions, including engineering services, and the license and sale of its intellectual property portfolio and fundamental knowledge for fuel cell applications.
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