Ballard Power Systems (NASDAQ:BLDP) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Ballard Power Systems from hold to strong-buy, though the overall analyst consensus still remains Hold with an average price target of $3.52.
• The stock was down 3.9% and opened at $2.98, near the lower end of its 52-week range of $1.70 to $6.57.
• Ballard reported a smaller-than-expected quarterly loss of ($0.04) EPS, beating estimates, but revenue of $18.98 million came in slightly below forecasts and the company still posted weak profitability metrics.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Ballard Power Systems in a report on Friday, July 17th. TD Cowen increased their price target on Ballard Power Systems from $2.50 to $4.25 and gave the stock a "hold" rating in a report on Wednesday, May 6th. National Bank Financial set a $4.75 price objective on Ballard Power Systems and gave the stock a "sector perform" rating in a research report on Wednesday, June 24th. Susquehanna cut their target price on Ballard Power Systems from $4.25 to $3.50 and set a "neutral" rating on the stock in a research report on Friday, July 10th. Finally, ATB Cormark Capital Markets upped their target price on Ballard Power Systems from $3.50 to $4.30 and gave the company a "sector perform" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Ballard Power Systems currently has an average rating of "Hold" and an average price target of $3.52.

Ballard Power Systems Stock Down 3.9%

Ballard Power Systems stock opened at $2.98 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.90 and a current ratio of 10.70. Ballard Power Systems has a 52-week low of $1.70 and a 52-week high of $6.57. The firm has a 50 day moving average price of $4.25 and a two-hundred day moving average price of $3.24. The firm has a market cap of $898.41 million, a price-to-earnings ratio of -11.04 and a beta of 2.25.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. The firm had revenue of $18.98 million for the quarter, compared to the consensus estimate of $19.88 million. Equities analysts predict that Ballard Power Systems will post -0.16 EPS for the current year.

Institutional Investors Weigh In On Ballard Power Systems

A number of large investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. raised its holdings in shares of Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock valued at $25,000 after purchasing an additional 6,952 shares during the period. Swiss Life Asset Management Ltd acquired a new stake in shares of Ballard Power Systems in the 4th quarter valued at about $26,000. Ground Swell Capital LLC bought a new stake in Ballard Power Systems in the 1st quarter valued at about $26,000. Intesa Sanpaolo S.p.A. acquired a new position in Ballard Power Systems during the 4th quarter worth approximately $28,000. Finally, Cetera Investment Advisers acquired a new position in Ballard Power Systems during the 1st quarter worth approximately $33,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

About Ballard Power Systems

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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