Ballard Power Systems (NASDAQ:BLDP) Trading 7.9% Higher - Time to Buy?

Key Points

• Shares jumped 7.9% intraday to $3.345 with volume up about 28% (~4.26M shares), leaving the stock trading above the consensus price target of $2.69 and a market cap near $990M.
• Analyst sentiment is mixed-to-negative: ten analysts rate the stock a Hold and three rate it a Sell, giving an overall consensus of "Reduce" despite a few recent upgrades from Sell to Hold.
• Ballard slightly beat quarterly estimates (EPS -$0.06 vs. -$0.07; revenue $33.28M vs. $32.24M) but remains unprofitable with a -91.5% net margin, while showing strong liquidity (quick ratio ~9.14) and very low debt.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD shares rose 7.9% during mid-day trading on Wednesday . The company traded as high as $3.42 and last traded at $3.3450. Approximately 4,259,839 shares were traded during mid-day trading, an increase of 28% from the average daily volume of 3,329,816 shares. The stock had previously closed at $3.10.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. TD Securities raised shares of Ballard Power Systems from a "sell" rating to a "hold" rating and set a $2.50 price target on the stock in a research report on Friday, January 9th. TD Cowen upgraded shares of Ballard Power Systems from a "sell" rating to a "hold" rating in a research report on Friday, January 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ballard Power Systems in a research note on Monday, April 20th. Finally, Wells Fargo & Company boosted their target price on shares of Ballard Power Systems from $1.50 to $2.00 and gave the company an "underweight" rating in a report on Friday, March 27th. Ten analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Ballard Power Systems has an average rating of "Reduce" and a consensus price target of $2.69.

Ballard Power Systems Price Performance

The stock has a 50-day simple moving average of $2.52 and a 200 day simple moving average of $2.73. The company has a market cap of $990.36 million, a PE ratio of -10.95 and a beta of 1.68. The company has a quick ratio of 9.14, a current ratio of 9.86 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last released its quarterly earnings results on Thursday, March 12th. The technology company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $33.28 million during the quarter, compared to analysts' expectations of $32.24 million. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%. Equities analysts expect that Ballard Power Systems, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors have recently made changes to their positions in BLDP. Rockefeller Capital Management L.P. lifted its holdings in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock worth $25,000 after acquiring an additional 6,952 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Ballard Power Systems in the 4th quarter valued at approximately $26,000. Ground Swell Capital LLC purchased a new stake in Ballard Power Systems in the first quarter valued at approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new stake in Ballard Power Systems in the fourth quarter valued at approximately $28,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Ballard Power Systems by 422.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company's stock worth $38,000 after purchasing an additional 12,149 shares in 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 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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