Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 7.1% - Still a Buy?

Key Points

• Ballard Power Systems stock increased by 7.1%, reaching $2.03, despite a significant drop in trading volume compared to the average.
• Recent analyst reports show a mix of ratings, with the consensus rating currently at "Reduce" and a target price of $1.51.
• Institutional investors currently hold 28.02% of the stock, indicating significant interest from major investment firms.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's stock price rose 7.1% during trading on Wednesday . The stock traded as high as $1.99 and last traded at $2.03. Approximately 2,508,809 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 8,258,962 shares. The stock had previously closed at $1.89.

Wall Street Analyst Weigh In

BLDP has been the topic of several research reports. National Bank Financial raised Ballard Power Systems to a "hold" rating in a report on Sunday, June 8th. Susquehanna raised their price objective on Ballard Power Systems from $1.30 to $2.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Roth Capital raised their price objective 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 raised their price objective on Ballard Power Systems from $1.00 to $1.50 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Finally, Lake Street Capital lowered Ballard Power Systems from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $1.51.

Ballard Power Systems Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 9.31 and a quick ratio of 8.32. The stock has a market cap of $575.61 million, a price-to-earnings ratio of -1.93 and a beta of 1.73. The stock's 50-day moving average is $1.90 and its 200 day moving average is $1.52.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last announced its quarterly earnings data on Monday, August 11th. The technology company reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02. The firm had revenue of $17.98 million during the quarter, compared to the consensus estimate 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, analysts predict that Ballard Power Systems, Inc. will post -0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc raised its position in shares of Ballard Power Systems by 104.2% during the 2nd 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 during the last quarter. Goldman Sachs Group Inc. raised its holdings 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 valued at $5,408,000 after acquiring an additional 829,012 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ballard Power Systems by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,081,746 shares of the technology company's stock worth $4,499,000 after buying an additional 285,317 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Ballard Power Systems by 3.6% during the 1st quarter. Invesco Ltd. now owns 3,729,188 shares of the technology company's stock worth $4,102,000 after buying an additional 130,772 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Ballard Power Systems by 117.1% during 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. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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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