Citigroup Trims Ballard Power Systems (NASDAQ:BLDP) Target Price to $2.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price target cut by Citigroup from $3.50 to $2.00 in a report published on Monday, BayStreet.CA reports. They currently have a neutral rating on the technology company’s stock.

BLDP has been the subject of several other reports. BMO Capital Markets reduced their price objective on Ballard Power Systems from $2.25 to $1.70 and set an underperform rating for the company in a research note on Tuesday, August 13th. TD Securities cut Ballard Power Systems from a hold rating to a sell rating and dropped their price target for the stock from $2.50 to $1.50 in a research note on Monday, August 12th. CIBC reaffirmed an underperformer rating and set a $1.60 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Tuesday, August 13th. Jefferies Financial Group decreased their target price on shares of Ballard Power Systems from $3.25 to $2.00 and set a hold rating for the company in a report on Tuesday, August 13th. Finally, Lake Street Capital cut their price target on shares of Ballard Power Systems from $15.00 to $10.00 and set a buy rating on the stock in a report on Tuesday, August 13th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $3.01.

Ballard Power Systems Price Performance

Shares of NASDAQ:BLDP opened at $1.78 on Monday. The stock has a market cap of $532.95 million, a price-to-earnings ratio of -2.87 and a beta of 1.78. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.90 and a quick ratio of 10.05. Ballard Power Systems has a 12 month low of $1.61 and a 12 month high of $4.02. The stock’s 50 day moving average price is $1.86 and its 200 day moving average price is $2.44.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $19.36 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that Ballard Power Systems will post -0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

Several institutional investors have recently made changes to their positions in the company. Endowment Wealth Management Inc. acquired a new position in Ballard Power Systems in the first quarter worth approximately $28,000. Tidal Investments LLC acquired a new position in shares of Ballard Power Systems during the 1st quarter worth $39,000. Westwood Holdings Group Inc. bought a new position in shares of Ballard Power Systems during the 1st quarter valued at $59,000. Scientech Research LLC acquired a new stake in shares of Ballard Power Systems in the 2nd quarter valued at $52,000. Finally, Daiwa Securities Group Inc. boosted its holdings in Ballard Power Systems by 149.7% in the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after purchasing an additional 14,415 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.