Ballard Power Systems (NASDAQ:BLDP) Shares Up 9% – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares were up 9% on Tuesday . The stock traded as high as $4.08 and last traded at $4.0650. Approximately 5,183,754 shares changed hands during trading, a decline of 11% from the average daily volume of 5,851,190 shares. The stock had previously closed at $3.73.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BLDP. ATB Cormark Capital Markets upped their price objective on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a research report on Wednesday, May 6th. Raymond James Financial lifted their target price on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Monday, April 20th. TD Cowen upped their price target on Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company lifted their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $3.59.

Ballard Power Systems Stock Performance

The firm has a market cap of $1.06 billion, a P/E ratio of -13.06 and a beta of 2.25. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70. The business’s 50-day simple moving average is $4.48 and its 200 day simple moving average is $3.18.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%.The firm had revenue of $18.98 million for the quarter, compared to analysts’ expectations of $19.88 million. As a group, equities analysts predict that Ballard Power Systems, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of large investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. lifted its stake in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 6,952 shares during the period. Swiss Life Asset Management Ltd bought a new stake in Ballard Power Systems during the fourth quarter valued at approximately $26,000. Ground Swell Capital LLC bought a new stake in Ballard Power Systems during the first quarter valued at approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new stake in Ballard Power Systems during the fourth quarter valued at approximately $28,000. Finally, Cetera Investment Advisers purchased a new stake in Ballard Power Systems during the first quarter valued at approximately $33,000. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Company Profile

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.