Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down – Here’s Why

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $1.73, but opened at $1.61. Ballard Power Systems shares last traded at $1.68, with a volume of 5,432,529 shares changing hands.

Wall Street Analyst Weigh In

BLDP has been the topic of a number of recent analyst reports. Cibc World Mkts cut Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. CIBC cut their price target on shares of Ballard Power Systems from $1.60 to $1.40 and set an “underperformer” rating for the company in a report on Wednesday. StockNews.com upgraded shares of Ballard Power Systems to a “sell” rating in a research report on Friday, November 1st. TD Securities downgraded Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their target price for the company from $2.50 to $1.50 in a report on Monday, August 12th. Finally, Truist Financial lowered their price target on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Six analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.87.

Ballard Power Systems Price Performance

The company has a quick ratio of 10.05, a current ratio of 10.90 and a debt-to-equity ratio of 0.03. The stock has a market cap of $401.22 million, a P/E ratio of -2.13 and a beta of 1.78. The company’s 50 day moving average price is $1.68 and its 200-day moving average price is $2.21.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping 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 firm had revenue of $16.00 million for the quarter, compared to the consensus estimate of $19.36 million. During the same period in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts expect that Ballard Power Systems Inc. will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

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

Ballard Power Systems Company Profile

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.