Ballard Power Systems (NASDAQ:BLDP) Hits New 1-Year Low - Here's What Happened

Key Points

• Ballard Power Systems hit a new 52-week low, trading as low as $1.43 compared with its previous close of $1.59.
• Analyst sentiment is mostly cautious: MarketBeat’s average rating is “Reduce,” with a consensus price target of $3.13. Wall Street Zen downgraded the stock to sell, while UBS and Susquehanna cut their targets to $2.15 and $2.00, respectively.
• The company had a market capitalization of about $505 million, and institutional investors owned 28.02% of its shares.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's stock price reached a new 52-week low on Thursday. The stock traded as low as $1.43 and last traded at $1.4250, with a volume of 963,736 shares trading hands. The stock had previously closed at $1.59.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Ballard Power Systems from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. UBS Group lowered their price target on Ballard Power Systems from $6.50 to $2.15 and set a "neutral" rating for the company in a research report on Wednesday, September 30th. Susquehanna dropped their price objective on shares of Ballard Power Systems from $3.00 to $2.00 and set a "neutral" rating for the company in a research report on Wednesday, October 14th. Jefferies Financial Group reiterated a "hold" rating and set a $1.68 target price on shares of Ballard Power Systems in a report on Tuesday, October 27th. Finally, HSBC upgraded shares of Ballard Power Systems from a "hold" rating to a "buy" rating and set a $3.60 price objective on the stock in a report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Ballard Power Systems presently has an average rating of "Reduce" and a consensus target price of $3.13.

Ballard Power Systems Price Performance

The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03. The company has a 50 day simple moving average of $1.96 and a 200-day simple moving average of $2.86. The stock has a market cap of $505.22 million, a price-to-earnings ratio of -5.53 and a beta of 2.21.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently added to or reduced their stakes in BLDP. J. Derek Lewis & Associates Inc. lifted its holdings in shares of Ballard Power Systems by 10.9% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company's stock worth $123,000 after purchasing an additional 5,000 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock worth $25,000 after purchasing an additional 6,952 shares during the period. Farringdon Capital Ltd. bought a new position in shares of Ballard Power Systems in the second quarter valued at approximately $41,000. TD Waterhouse Canada Inc. increased its position in shares of Ballard Power Systems by 56.8% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 29,937 shares of the technology company's stock valued at $114,000 after purchasing an additional 10,850 shares during the period. Finally, Cetera Investment Advisers acquired a new position in Ballard Power Systems during the first quarter worth about $33,000. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Company Profile

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and technology. Its fuel cell systems generate electricity through an electrochemical process using hydrogen, producing water and heat as byproducts and supporting lower-emission power applications.

The company focuses primarily on heavy-duty mobility markets, including buses, commercial trucks, trains, marine vessels and other specialty vehicles. Ballard also provides fuel cell products and related services for stationary power applications, along with engineering support, technology development and after-sales services.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners internationally, with activity across North America, Europe and Asia.

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