Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $3.50

Ballard Power Systems (NASDAQ:BLDP - Free Report) TSE: BLD had its price objective reduced by CIBC from $3.75 to $3.50 in a research note issued to investors on Wednesday morning, Marketbeat.com reports. CIBC currently has a neutral rating on the technology company's stock.

A number of other research firms also recently weighed in on BLDP. Piper Sandler lowered their target price on Ballard Power Systems from $3.00 to $2.30 and set an underweight rating on the stock in a report on Wednesday, March 13th. Citigroup lowered their price objective on shares of Ballard Power Systems from $4.50 to $3.50 and set a neutral rating on the stock in a research note on Tuesday, February 27th. Jefferies Financial Group cut their target price on shares of Ballard Power Systems from $4.00 to $3.50 and set a hold rating for the company in a research report on Tuesday, January 30th. Truist Financial reiterated a hold rating and issued a $3.00 price target (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday. Finally, Raymond James cut their price objective on shares of Ballard Power Systems from $4.50 to $4.00 and set a market perform rating for the company in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Ballard Power Systems has an average rating of Hold and a consensus target price of $3.77.

Ballard Power Systems Stock Performance

Shares of NASDAQ:BLDP traded up $0.04 during midday trading on Wednesday, reaching $2.88. 2,987,617 shares of the company's stock traded hands, compared to its average volume of 2,998,700. Ballard Power Systems has a one year low of $2.42 and a one year high of $5.68. The stock has a 50 day moving average of $2.89 and a 200 day moving average of $3.24. The company has a market cap of $861.96 million, a price-to-earnings ratio of -4.88 and a beta of 1.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.60 and a current ratio of 12.25.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its earnings results on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). 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 $14.50 million for the quarter, compared to the consensus estimate of $17.55 million. During the same quarter in the prior year, the company posted ($0.11) EPS. Ballard Power Systems's revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts anticipate that Ballard Power Systems will post -0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its stake in Ballard Power Systems by 2.6% in the 3rd 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. Vanguard Personalized Indexing Management LLC increased its stake in shares of Ballard Power Systems by 37.2% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company's stock worth $51,000 after acquiring an additional 3,753 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Ballard Power Systems by 0.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 542,101 shares of the technology company's stock worth $2,005,000 after acquiring an additional 4,677 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Ballard Power Systems by 2.8% during the 3rd quarter. CIBC Asset Management Inc now owns 241,827 shares of the technology company's stock worth $893,000 after acquiring an additional 6,494 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Ballard Power Systems during the fourth quarter worth about $31,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.