Ballard Power Systems (NASDAQ:BLDP) Price Target Raised to $1.50 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Ballard Power Systems from $1.00 to $1.50, while maintaining an "underweight" rating, indicating a potential downside of 13.29% from the current stock price.
• Ballard Power Systems' stock has experienced a decline of 3.9%, with a current trading price of $1.73, amidst mixed ratings and price targets from various analysts.
• The company's recent quarterly earnings reported a loss of ($0.08) per share, beating analysts' expectations, with revenues slightly above forecasts at $17.98 million.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD had its price objective hoisted by investment analysts at Wells Fargo & Company from $1.00 to $1.50 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price target would suggest a potential downside of 13.29% from the stock's current price.

BLDP has been the topic of a number of other reports. BMO Capital Markets lifted their target price on shares of Ballard Power Systems from $1.00 to $1.10 and gave the company an "underperform" rating in a report on Tuesday. Citigroup reissued a "sell" rating and set a $1.00 price objective (down from $1.50) on shares of Ballard Power Systems in a research report on Thursday, April 17th. UBS Group reduced their target price on shares of Ballard Power Systems from $2.00 to $1.40 and set a "neutral" rating for the company in a report on Monday, May 12th. Roth Capital reissued a "neutral" rating and set a $1.80 price target (up previously from $1.25) on shares of Ballard Power Systems in a report on Monday. Finally, National Bank Financial upgraded Ballard Power Systems to a "hold" rating in a research report on Sunday, June 8th. Six equities research analysts have rated the stock with a sell rating and thirteen have given a hold rating to the company. According to data from MarketBeat, Ballard Power Systems presently has a consensus rating of "Hold" and a consensus price target of $2.19.

Ballard Power Systems Stock Down 3.9%

BLDP opened at $1.73 on Wednesday. The business's 50-day simple moving average is $1.74 and its 200-day simple moving average is $1.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.13 and a current ratio of 9.00. Ballard Power Systems has a one year low of $1.00 and a one year high of $2.28. The stock has a market capitalization of $518.78 million, a P/E ratio of -1.75 and a beta of 1.76.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last released its quarterly earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.02. The firm had revenue of $17.98 million for the quarter, compared to the consensus estimate of $17.94 million. Ballard Power Systems had a negative return on equity of 21.16% and a negative net margin of 409.35%. Analysts anticipate that Ballard Power Systems will post -0.54 EPS for the current year.

Institutional Trading of Ballard Power Systems

A number of institutional investors have recently modified their holdings of the business. Two Sigma Investments LP raised its position in Ballard Power Systems by 58.4% in the fourth quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company's stock worth $2,977,000 after acquiring an additional 661,413 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Ballard Power Systems by 39.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 385,643 shares of the technology company's stock worth $440,000 after purchasing an additional 108,364 shares during the period. Millennium Management LLC increased its holdings in shares of Ballard Power Systems by 79.9% in the 4th quarter. Millennium Management LLC now owns 2,652,624 shares of the technology company's stock valued at $4,404,000 after purchasing an additional 1,177,718 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Ballard Power Systems in the fourth quarter valued at about $150,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Ballard Power Systems in the fourth quarter valued at about $27,000. 28.02% of the stock is currently owned by hedge funds and other 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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