Ballard Power Systems (NASDAQ:BLDP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised its price target on Ballard Power from $1.50 to $2.00 but kept an "underweight" rating, with that $2.00 target implying about an 18.37% downside from the recent close.
• Analyst consensus is negative: MarketBeat data shows an average rating of "Reduce" with an average target of $2.48, and the street split includes ten Hold and four Sell ratings.
• Financials show ongoing losses despite a slight quarterly beat (EPS of -$0.06 vs. -$0.07 and revenue $33.3M vs. $32.2M); the stock trades around $2.45, has a market cap near $737M, and analysts expect -0.54 EPS for the year.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD had its target price lifted by analysts at Wells Fargo & Company from $1.50 to $2.00 in a report released on Friday,Benzinga reports. The firm presently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price objective would suggest a potential downside of 18.37% from the stock's previous close.

Several other research analysts also recently commented on BLDP. TD Securities upgraded Ballard Power Systems from a "sell" rating to a "hold" rating and set a $2.50 price objective on the stock in a report on Friday, January 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Ballard Power Systems in a report on Wednesday, January 21st. Finally, TD Cowen upgraded Ballard Power Systems from a "sell" rating to a "hold" rating in a research report on Friday, January 9th. Ten analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Ballard Power Systems presently has an average rating of "Reduce" and an average target price of $2.48.

Ballard Power Systems Price Performance

Shares of Ballard Power Systems stock opened at $2.45 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.14 and a current ratio of 9.86. Ballard Power Systems has a 52-week low of $1.00 and a 52-week high of $4.10. The company has a fifty day moving average of $2.32 and a 200-day moving average of $2.72. The stock has a market capitalization of $736.94 million, a price-to-earnings ratio of -8.17 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its earnings results on Thursday, March 12th. The technology company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $33.28 million for the quarter, compared to analysts' expectations of $32.24 million. Ballard Power Systems had a negative net margin of 91.50% and a negative return on equity of 14.62%. Equities research analysts expect that Ballard Power Systems will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several hedge funds and other institutional investors have recently modified their holdings of BLDP. Rockefeller Capital Management L.P. grew its stake in shares of Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock worth $25,000 after purchasing an additional 6,952 shares during the last quarter. Amundi raised its position in Ballard Power Systems by 16.1% during the 1st quarter. Amundi now owns 68,140 shares of the technology company's stock valued at $74,000 after purchasing an additional 9,454 shares during the last quarter. Vontobel Holding Ltd. raised its position in Ballard Power Systems by 27.7% during the 4th quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company's stock valued at $118,000 after purchasing an additional 10,000 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in Ballard Power Systems in the 4th quarter worth approximately $26,000. Finally, Intesa Sanpaolo S.p.A. purchased a new stake in Ballard Power Systems in the 4th quarter worth approximately $28,000. 28.02% of the stock is owned by institutional investors.

Ballard Power Systems Company Profile

Ballard Power Systems NASDAQ: BLDP is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.

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