Ballard Power Systems (NASDAQ:BLDP) Sets New 12-Month Low – What’s Next?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) hit a new 52-week low on Thursday. The company traded as low as $1.40 and last traded at $1.40, with a volume of 2,032,151 shares trading hands. The stock had previously closed at $1.51.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BLDP. HSBC upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 target price on the stock in a research report on Monday, August 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $1.68 price target on shares of Ballard Power Systems in a research report on Tuesday, October 27th. Wall Street Zen downgraded shares of Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Zacks Research cut shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Finally, BMO Capital Markets lowered their price objective on shares of Ballard Power Systems from $2.10 to $1.50 and set an “underperform” rating on the stock in a research report on Monday, October 26th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $3.13.

Ballard Power Systems Stock Performance

The company has a 50-day moving average of $1.86 and a 200-day moving average of $2.82. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. raised its stake in shares of 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 purchasing an additional 6,952 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Ballard Power Systems during the first quarter worth $33,000. Farringdon Capital Ltd. acquired a new stake in shares of Ballard Power Systems during the second quarter worth $41,000. Optiver Holding B.V. purchased a new position in Ballard Power Systems in the 1st quarter valued at $59,000. Finally, State of Wyoming purchased a new position in Ballard Power Systems in the 2nd quarter valued at $97,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems is a Canadian company that designs, develops and manufactures proton exchange membrane (PEM) fuel cell products and systems. Its offerings include fuel cell stacks, modules and engines, along with related services and technical support. The company focuses on applications where fuel cells can provide electric power, particularly heavy-duty transportation. Its products are used or developed for buses, trucks, rail and marine vessels, as well as stationary and other power applications.