Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down - Here's What Happened

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's stock price gapped down before the market opened on Friday . The stock had previously closed at $1.94, but opened at $1.88. Ballard Power Systems shares last traded at $1.92, with a volume of 465,426 shares.

Analyst Ratings Changes

BLDP has been the topic of several analyst reports. Wells Fargo & Company set a $1.00 price objective on Ballard Power Systems in a research note on Thursday, March 13th. BMO Capital Markets dropped their target price on Ballard Power Systems from $1.30 to $1.20 and set an "underperform" rating on the stock in a research report on Friday, March 14th. UBS Group decreased their price target on Ballard Power Systems from $2.00 to $1.40 and set a "neutral" rating on the stock in a research note on Monday, May 12th. Wall Street Zen raised Ballard Power Systems to a "sell" rating in a research note on Thursday, May 8th. Finally, National Bank Financial raised Ballard Power Systems to a "hold" rating in a research report on Sunday, June 8th. Seven equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.09.

Ballard Power Systems Trading Down 2.8%

The firm has a market capitalization of $565.22 million, a P/E ratio of -1.85 and a beta of 1.71. The firm's 50-day simple moving average is $1.49 and its 200-day simple moving average is $1.41. The company has a quick ratio of 8.13, a current ratio of 9.00 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.05. Ballard Power Systems had a negative net margin of 430.17% and a negative return on equity of 20.41%. The firm had revenue of $14.76 million for the quarter, compared to analysts' expectations of $16.82 million. Analysts anticipate that Ballard Power Systems, Inc. will post -0.54 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of large investors have recently modified their holdings of BLDP. Portolan Capital Management LLC purchased a new stake in shares of Ballard Power Systems during the fourth quarter worth approximately $2,508,000. Millennium Management LLC raised its position in shares of Ballard Power Systems by 79.9% during the 4th quarter. Millennium Management LLC now owns 2,652,624 shares of the technology company's stock worth $4,404,000 after acquiring an additional 1,177,718 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Ballard Power Systems by 20.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company's stock valued at $5,408,000 after buying an additional 829,012 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of 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 valued at $2,977,000 after purchasing an additional 661,413 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Ballard Power Systems by 56.2% in the first quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company's stock valued at $1,635,000 after buying an additional 534,834 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company's stock.

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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