Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 9.9% – Here’s Why

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price traded up 9.9% on Monday . The company traded as high as $1.69 and last traded at $1.67. 4,467,377 shares traded hands during trading, an increase of 58% from the average session volume of 2,824,264 shares. The stock had previously closed at $1.52.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BLDP shares. Citigroup decreased their price objective on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. TD Securities lowered Ballard Power Systems from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $2.50 to $1.50 in a research report on Monday, August 12th. Cibc World Mkts lowered Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. Susquehanna lowered their target price on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, October 16th. Finally, Raymond James reduced their price objective on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, August 14th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.89.

Ballard Power Systems Trading Up 0.6 %

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 company has a market capitalization of $479.07 million, a P/E ratio of -2.52 and a beta of 1.78. The firm’s 50-day moving average price is $1.72 and its 200 day moving average price is $2.26.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the firm earned ($0.10) earnings per share. As a group, equities research analysts predict that Ballard Power Systems Inc. will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several institutional investors have recently modified their holdings of BLDP. Van ECK Associates Corp boosted its position in Ballard Power Systems by 19.8% in the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after purchasing an additional 353,098 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Ballard Power Systems by 4.1% in the 1st quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock worth $600,000 after buying an additional 8,549 shares during the last quarter. Endowment Wealth Management Inc. bought a new position in Ballard Power Systems during the first quarter valued at about $28,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Ballard Power Systems by 7.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company’s stock worth $1,572,000 after buying an additional 38,662 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in Ballard Power Systems by 182.8% in the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock worth $96,000 after acquiring an additional 22,273 shares during the period. 28.02% of the stock is owned by institutional investors.

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.