Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 7.9% – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) traded up 7.9% during mid-day trading on Wednesday . The company traded as high as $3.42 and last traded at $3.3450. 4,259,839 shares changed hands during mid-day trading, an increase of 28% from the average session volume of 3,329,816 shares. The stock had previously closed at $3.10.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BLDP shares. TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price objective for the company in a research note on Friday, January 9th. TD Cowen upgraded shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a research report on Friday, January 9th. Wells Fargo & Company upped their price target on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Friday, March 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Monday, April 20th. Ten equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $2.69.

Ballard Power Systems Trading Down 0.3%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.14 and a current ratio of 9.86. The stock has a market capitalization of $1.02 billion, a PE ratio of -11.30 and a beta of 1.68. The business’s 50-day moving average is $2.57 and its two-hundred day moving average is $2.74.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Thursday, March 12th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Ballard Power Systems had a negative net margin of 91.50% and a negative return on equity of 14.62%. The business had revenue of $33.28 million for the quarter, compared to analyst estimates of $32.24 million. As a group, equities research analysts anticipate that Ballard Power Systems, Inc. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its position in Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after buying an additional 6,952 shares during the period. Swiss Life Asset Management Ltd purchased a new stake in shares of Ballard Power Systems during the 4th quarter worth approximately $26,000. Ground Swell Capital LLC acquired a new stake in shares of Ballard Power Systems in the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. acquired a new stake in shares of Ballard Power Systems in the 4th quarter worth approximately $28,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Ballard Power Systems by 422.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock valued at $38,000 after purchasing an additional 12,149 shares in the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

About Ballard Power Systems

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.