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 boosted by investment analysts at Wells Fargo & Company from $1.00 to $1.50 in a report issued on Wednesday,Benzinga reports. The firm presently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price objective indicates a potential downside of 24.62% from the company's current price.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Ballard Power Systems from $1.00 to $1.10 and gave the company an "underperform" rating in a research report on Tuesday, August 12th. National Bank Financial raised shares of Ballard Power Systems to a "hold" rating in a research report on Sunday, June 8th. 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 research report on Monday, August 11th. Wall Street Zen raised shares of Ballard Power Systems to a "sell" rating in a research report on Thursday, May 8th. Finally, UBS Group lowered their price target on shares of Ballard Power Systems from $2.00 to $1.40 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Five research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $1.51.

Ballard Power Systems Price Performance

BLDP traded down $0.01 on Wednesday, hitting $1.99. 3,919,149 shares of the company's stock were exchanged, compared to its average volume of 8,778,290. Ballard Power Systems has a fifty-two week low of $1.00 and a fifty-two week high of $2.28. 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 firm has a 50-day moving average price of $1.77 and a 200-day moving average price of $1.45. The stock has a market cap of $596.74 million, a price-to-earnings ratio of -2.01 and a beta of 1.76.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last announced its earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.02. The company had revenue of $17.98 million for the quarter, compared to analysts' expectations of $17.94 million. Ballard Power Systems had a negative net margin of 409.35% and a negative return on equity of 21.52%. As a group, equities analysts anticipate that Ballard Power Systems will post -0.54 earnings per share for the current year.

Institutional Trading of Ballard Power Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC increased its stake in Ballard Power Systems by 21.9% during 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 period. Alps Advisors Inc. increased its stake in Ballard Power Systems by 2.1% during the first quarter. Alps Advisors Inc. now owns 396,822 shares of the technology company's stock worth $437,000 after purchasing an additional 8,265 shares during the period. Amundi increased its stake in Ballard Power Systems by 16.1% during the first quarter. Amundi now owns 68,140 shares of the technology company's stock worth $74,000 after purchasing an additional 9,454 shares during the period. Mackenzie Financial Corp increased its stake in Ballard Power Systems by 8.5% during the first quarter. Mackenzie Financial Corp now owns 122,914 shares of the technology company's stock worth $136,000 after purchasing an additional 9,626 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in 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 worth $37,000 after purchasing an additional 13,094 shares during the period. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

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.