Ballard Power Systems (NASDAQ:BLDP) Reaches New 1-Year High – Here’s What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $4.88 and last traded at $4.84, with a volume of 1787018 shares trading hands. The stock had previously closed at $4.76.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Raymond James Financial raised their price target on Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a report on Wednesday, May 6th. Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. TD Cowen raised 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a report on Monday, April 20th. Finally, Susquehanna raised their price target on Ballard Power Systems from $2.60 to $4.25 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $3.59.

Ballard Power Systems Stock Performance

The firm has a fifty day moving average of $3.24 and a 200-day moving average of $2.83. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -20.52 and a beta of 1.94. The company has a quick ratio of 9.90, a current ratio of 10.70 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. The firm had revenue of $18.98 million during the quarter, compared to analysts’ expectations of $19.88 million. Ballard Power Systems had a negative return on equity of 13.48% and a negative net margin of 78.60%. As a group, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

A number of institutional investors have recently made changes to their positions in BLDP. Royal Bank of Canada raised its holdings in shares of Ballard Power Systems by 29.1% in the first quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock worth $761,000 after acquiring an additional 156,014 shares during the last quarter. Amundi raised its holdings in shares of Ballard Power Systems by 16.1% in the first quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Ballard Power Systems by 20.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock worth $5,408,000 after acquiring an additional 829,012 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Ballard Power Systems by 56.2% in the first quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock worth $1,635,000 after acquiring an additional 534,834 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ballard Power Systems by 604.4% in the second quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock worth $757,000 after acquiring an additional 408,641 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

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.