Ballard Power Systems (NASDAQ:BLDP) Trading 5.7% Higher - Here's Why

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's share price shot up 5.7% on Thursday . The company traded as high as $1.76 and last traded at $1.77. 1,881,710 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 6,659,262 shares. The stock had previously closed at $1.67.

Analyst Ratings Changes

BLDP has been the subject of several analyst reports. National Bankshares lowered their target price on shares of Ballard Power Systems from $2.60 to $2.00 and set a "sector perform" rating for the company in a report on Friday, March 14th. BMO Capital Markets decreased their price objective on shares of Ballard Power Systems from $1.30 to $1.20 and set an "underperform" rating for the company in a report on Friday, March 14th. Raymond James Financial decreased their price objective on shares of Ballard Power Systems from $2.50 to $2.00 and set a "market perform" rating for the company in a report on Friday, March 14th. Citigroup restated a "sell" rating and set a $1.00 price objective (down previously from $1.50) on shares of Ballard Power Systems in a report on Thursday, April 17th. Finally, National Bank Financial upgraded shares of Ballard Power Systems to a "hold" rating in a research note on Sunday, June 8th. Seven equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Ballard Power Systems presently has a consensus rating of "Hold" and a consensus price target of $2.09.

Ballard Power Systems Stock Performance

The company has a market capitalization of $523.84 million, a P/E ratio of -1.71 and a beta of 1.71. The business has a 50-day moving average of $1.44 and a 200-day moving average of $1.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.00 and a quick ratio of 8.13.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last released its earnings results 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. The business had revenue of $14.76 million during the quarter, compared to the consensus estimate of $16.82 million. Ballard Power Systems had a negative return on equity of 20.41% and a negative net margin of 430.17%. On average, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Investments LP grew its stake in shares of Ballard Power Systems by 58.4% during the fourth quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company's stock worth $2,977,000 after acquiring an additional 661,413 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Ballard Power Systems by 71.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,020,801 shares of the technology company's stock worth $1,695,000 after acquiring an additional 425,374 shares during the last quarter. Millennium Management LLC grew its stake in shares of Ballard Power Systems by 79.9% during the fourth 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 during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Ballard Power Systems during the fourth quarter worth about $150,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ballard Power Systems by 39.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 385,643 shares of the technology company's stock worth $440,000 after purchasing an additional 108,364 shares during the period. 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.