Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down to $2.83

Ballard Power Systems Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.83, but opened at $2.73. Ballard Power Systems shares last traded at $2.91, with a volume of 688,029 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BLDP. Piper Sandler lowered their price target on Ballard Power Systems from $3.00 to $2.30 and set an "underweight" rating for the company in a report on Wednesday, March 13th. Citigroup dropped their price target on shares of Ballard Power Systems from $4.50 to $3.50 and set a "neutral" rating for the company in a research report on Tuesday, February 27th. Jefferies Financial Group decreased their price objective on shares of Ballard Power Systems from $4.00 to $3.50 and set a "hold" rating on the stock in a report on Tuesday, January 30th. TD Securities dropped their target price on shares of Ballard Power Systems from $3.00 to $2.50 in a report on Thursday, April 25th. Finally, Raymond James cut their target price on Ballard Power Systems from $4.50 to $4.00 and set a "market perform" rating on the stock in a research report on Wednesday, March 13th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $3.94.

Ballard Power Systems Price Performance

The company has a 50 day moving average of $2.89 and a 200 day moving average of $3.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.60 and a current ratio of 12.25. The stock has a market capitalization of $849.98 million, a price-to-earnings ratio of -4.81 and a beta of 1.65.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last announced its quarterly earnings data on Monday, March 11th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The company had revenue of $46.80 million during the quarter, compared to analysts' expectations of $26.32 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The business's quarterly revenue was up 131.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Ballard Power Systems Inc. will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BLDP. Mackenzie Financial Corp grew its stake in shares of Ballard Power Systems by 2.6% during the third quarter. Mackenzie Financial Corp now owns 115,748 shares of the technology company's stock worth $393,000 after purchasing an additional 2,974 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ballard Power Systems by 27.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company's stock worth $14,353,000 after acquiring an additional 849,311 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of Ballard Power Systems in the 3rd quarter valued at about $48,000. CIBC Asset Management Inc increased its holdings in shares of Ballard Power Systems by 2.8% in the 3rd quarter. CIBC Asset Management Inc now owns 241,827 shares of the technology company's stock valued at $893,000 after acquiring an additional 6,494 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Ballard Power Systems by 5.0% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 404,305 shares of the technology company's stock worth $1,484,000 after acquiring an additional 19,245 shares in the last quarter. Institutional investors and hedge funds own 28.02% of the company's stock.

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.