Ballard Power Systems (NASDAQ:BLDP) Stock Price Down 7.7% - What's Next?

Key Points

• Ballard Power Systems' shares fell 7.7% to $1.87 during trading, with a significant decline in volume, dropping 61% from its average daily volume.
• A majority of analysts rate the stock as a "hold", with an average price target of $1.51, while a few have given it a "sell" rating.
• The company reported quarterly earnings of ($0.08) per share, which exceeded analysts' expectations, alongside a revenue of $17.98 million.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's share price was down 7.7% during mid-day trading on Tuesday . The company traded as low as $1.86 and last traded at $1.87. Approximately 3,250,177 shares changed hands during trading, a decline of 61% from the average daily volume of 8,431,977 shares. The stock had previously closed at $2.02.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Susquehanna raised their price target on Ballard Power Systems from $1.30 to $2.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Roth Capital boosted their price target on Ballard Power Systems from $1.25 to $1.80 and gave the stock a "neutral" rating in a report on Monday, August 11th. Wells Fargo & Company boosted their price target on Ballard Power Systems from $1.00 to $1.50 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Lake Street Capital lowered Ballard Power Systems from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Wall Street Zen upgraded Ballard Power Systems to a "sell" rating in a report on Thursday, May 8th. Eleven equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Ballard Power Systems has an average rating of "Reduce" and an average price target of $1.51.

Ballard Power Systems Trading Up 6.8%

The stock has a market capitalization of $593.65 million, a PE ratio of -1.99 and a beta of 1.73. The firm has a 50-day moving average price of $1.87 and a 200-day moving average price of $1.51. The company has a current ratio of 9.31, a quick ratio of 8.32 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its quarterly earnings data on Monday, August 11th. The technology company reported ($0.08) EPS for the quarter, beating the consensus estimate 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 business had revenue of $17.98 million for the quarter, compared to the consensus estimate of $17.94 million. As a group, equities analysts forecast that Ballard Power Systems, Inc. will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BLDP. Legal & General Group Plc grew its holdings in shares of Ballard Power Systems by 104.2% during the second quarter. Legal & General Group Plc now owns 13,133,224 shares of the technology company's stock worth $20,977,000 after purchasing an additional 6,701,756 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Ballard Power Systems by 117.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company's stock worth $4,327,000 after buying an additional 1,467,547 shares during the last quarter. Millennium Management LLC lifted its position in 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 worth $4,404,000 after buying an additional 1,177,718 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Ballard Power Systems by 20.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company's stock worth $5,408,000 after buying an additional 829,012 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in Ballard Power Systems by 58.4% in the 4th quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company's stock worth $2,977,000 after buying an additional 661,413 shares during the last quarter. Hedge funds and other institutional investors own 28.02% of the company's stock.

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.