Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $3.50 by Analysts at CIBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target trimmed by CIBC from $3.75 to $3.50 in a research note released on Wednesday, Marketbeat.com reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on BLDP. Citigroup dropped their target price on Ballard Power Systems from $4.50 to $3.50 and set a neutral rating for the company in a report on Tuesday, February 27th. TD Securities decreased their price target on shares of Ballard Power Systems from $3.00 to $2.50 in a report on Thursday, April 25th. Jefferies Financial Group cut their price target on Ballard Power Systems from $4.00 to $3.50 and set a hold rating on the stock in a research note on Tuesday, January 30th. Piper Sandler cut their target price on shares of Ballard Power Systems from $3.00 to $2.30 and set an underweight rating on the stock in a research report on Wednesday, March 13th. Finally, Truist Financial reissued a hold rating and issued a $3.00 price objective (down previously from $3.50) on shares of Ballard Power Systems in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Ballard Power Systems has a consensus rating of Hold and a consensus target price of $3.77.

Ballard Power Systems Stock Up 1.4 %

Shares of Ballard Power Systems stock opened at $2.88 on Wednesday. The business has a 50-day moving average of $2.89 and a two-hundred day moving average of $3.24. Ballard Power Systems has a 1 year low of $2.42 and a 1 year high of $5.68. The company has a market capitalization of $861.96 million, a P/E ratio of -4.88 and a beta of 1.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $14.50 million for the quarter, compared to analyst estimates of $17.55 million. Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) EPS. As a group, equities analysts predict that Ballard Power Systems will post -0.51 EPS for the current year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its stake in shares of Ballard Power Systems by 2.6% during the third quarter. Mackenzie Financial Corp now owns 115,748 shares of the technology company’s stock valued at $393,000 after buying an additional 2,974 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Ballard Power Systems by 27.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after purchasing an additional 849,311 shares in the last quarter. Arete Wealth Advisors LLC bought a new stake in Ballard Power Systems during the 3rd quarter valued at approximately $48,000. CIBC Asset Management Inc grew its stake in Ballard Power Systems by 2.8% in the third quarter. CIBC Asset Management Inc now owns 241,827 shares of the technology company’s stock worth $893,000 after purchasing an additional 6,494 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Ballard Power Systems by 5.0% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 404,305 shares of the technology company’s stock worth $1,484,000 after buying an additional 19,245 shares during the period. Hedge funds and other institutional investors own 28.02% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.