Ballard Power Systems (NASDAQ:BLDP) Hits New 12-Month High - Here's Why

Key Points

• Ballard Power Systems saw its share price reach a new 12-month high of $2.89, closing at $2.88 with substantial trading volume of over 10.6 million shares.
• Several analysts have raised their price targets for Ballard Power Systems, with the consensus rating now at "Reduce" and an average price target of $1.51.
• The company reported a quarterly earnings per share (EPS) of ($0.08), surpassing analyst expectations, and had revenue of $17.98 million for the quarter.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's share price hit a new 52-week high on Tuesday . The company traded as high as $2.89 and last traded at $2.88, with a volume of 10635526 shares traded. The stock had previously closed at $2.74.

Analysts Set New Price Targets

Several analysts have recently commented on BLDP shares. Susquehanna raised their target price on Ballard Power Systems from $1.30 to $2.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. BMO Capital Markets raised their target price on Ballard Power Systems from $1.00 to $1.10 and gave the company an "underperform" rating in a research note on Tuesday, August 12th. Lake Street Capital downgraded Ballard Power Systems from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Roth Capital lifted their price target on Ballard Power Systems from $1.25 to $1.80 and gave the company a "neutral" rating in a research note on Monday, August 11th. Finally, Wells Fargo & Company lifted their price target on Ballard Power Systems from $1.00 to $1.50 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Ten analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $1.51.

Ballard Power Systems Price Performance

The business has a fifty day moving average price of $2.00 and a 200-day moving average price of $1.59. The company has a current ratio of 9.31, a quick ratio of 8.32 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $865.67 million, a PE ratio of -2.91 and a beta of 1.73.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its quarterly earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Ballard Power Systems had a negative net margin of 409.35% and a negative return on equity of 21.52%. The business had revenue of $17.98 million during the quarter, compared to analyst estimates of $17.94 million. Research analysts expect that Ballard Power Systems, Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. increased its stake in shares of Ballard Power Systems by 125.2% during the second quarter. SBI Securities Co. Ltd. now owns 23,553 shares of the technology company's stock valued at $37,000 after purchasing an additional 13,094 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Ballard Power Systems during the first quarter valued at approximately $40,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Ballard Power Systems by 21.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 30,459 shares of the technology company's stock worth $48,000 after purchasing an additional 5,482 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Ballard Power Systems by 108.8% in the second quarter. Daiwa Securities Group Inc. now owns 36,792 shares of the technology company's stock worth $58,000 after purchasing an additional 19,170 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in Ballard Power Systems in the first quarter worth approximately $69,000. 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.

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