Ballard Power Systems (NASDAQ:BLDP) Sets New 52-Week High - Here's What Happened

Key Points

• Ballard Power Systems (NASDAQ:BLDP) reached a new 52-week high of $2.37, reflecting a significant increase from its previous close of $2.20.
• Several analysts have issued mixed ratings on the stock, with Wells Fargo increasing its price target from $1.00 to $1.50 while Lake Street Capital downgraded it from "buy" to "hold."
• Despite a negative net margin of 409.35% in its recent quarterly earnings report, the company surpassed earnings expectations by reporting a loss of $0.08 per share versus the forecasted $0.10.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD reached a new 52-week high on Wednesday . The stock traded as high as $2.32 and last traded at $2.37, with a volume of 1161489 shares changing hands. The stock had previously closed at $2.20.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BLDP shares. BMO Capital Markets boosted their target price on Ballard Power Systems from $1.00 to $1.10 and gave the company an "underperform" rating in a research report on Tuesday, August 12th. Susquehanna boosted their target price on Ballard Power Systems from $1.30 to $2.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Wells Fargo & Company boosted their target price on Ballard Power Systems from $1.00 to $1.50 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Roth Capital upped their price objective on Ballard Power Systems from $1.25 to $1.80 and gave the company a "neutral" rating in a research report on Monday, August 11th. Finally, National Bank Financial raised Ballard Power Systems to a "hold" rating in a research report on Sunday, June 8th. Ten analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Ballard Power Systems has an average rating of "Reduce" and a consensus price target of $1.51.

Ballard Power Systems Stock Performance

The business has a 50 day simple moving average of $1.98 and a 200 day simple moving average of $1.57. The company has a quick ratio of 8.32, a current ratio of 9.31 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $823.58 million, a PE ratio of -2.77 and a beta of 1.73.

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) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02. Ballard Power Systems had a negative return on equity of 21.52% and a negative net margin of 409.35%.The company had revenue of $17.98 million during the quarter, compared to analysts' expectations of $17.94 million. Equities research analysts predict that Ballard Power Systems, Inc. will post -0.54 EPS for the current fiscal year.

Institutional Trading of Ballard Power Systems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. grew its holdings 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 acquiring an additional 13,094 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings 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 acquiring an additional 5,482 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Ballard Power Systems during the first quarter worth about $40,000. Daiwa Securities Group Inc. grew 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 valued at $58,000 after purchasing an additional 19,170 shares during the period. Finally, Ardsley Advisory Partners LP purchased a new position in Ballard Power Systems during the second quarter worth approximately $80,000. 28.02% of the stock is owned by institutional investors and hedge funds.

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.