Ballard Power Systems (NASDAQ:BLDP) Sets New 52-Week Low - Here's What Happened

Key Points

• Ballard Power Systems shares hit a new 52-week low of $1.55, down from the prior close of $1.57, with the stock’s 50-day and 200-day moving averages at $2.21 and $3.20, respectively.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with two Buy, ten Hold and three Sell ratings, and an average price target of $3.30.
• The company reported weaker-than-expected quarterly results, posting a loss of $0.07 per share versus an expected loss of $0.04 and revenue of $20.34 million versus the $25.24 million consensus estimate.

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD hit a new 52-week low during mid-day trading on Monday. The company traded as low as $1.55 and last traded at $1.5550, with a volume of 295,227 shares trading hands. The stock had previously closed at $1.57.

Analyst Upgrades and Downgrades

BLDP has been the topic of a number of research analyst reports. HSBC upgraded shares of Ballard Power Systems from a "hold" rating to a "buy" rating and set a $3.60 target price on the stock in a research note on Monday, August 3rd. Susquehanna cut their price target on Ballard Power Systems from $3.00 to $2.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ballard Power Systems in a research note on Thursday. National Bank Financial set a $4.75 price objective on shares of Ballard Power Systems and gave the stock a "sector perform" rating in a research note on Wednesday, June 24th. Finally, UBS Group dropped their target price on shares of Ballard Power Systems from $6.50 to $2.15 and set a "neutral" rating on the stock in a report on Wednesday, September 30th. Two research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $3.30.

Ballard Power Systems Price Performance

The stock has a market cap of $542.78 million, a price-to-earnings ratio of -5.94 and a beta of 2.26. The stock has a fifty day moving average of $2.21 and a 200 day moving average of $3.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its earnings results on Friday, July 31st. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The firm had revenue of $20.34 million during the quarter, compared to analyst estimates of $25.24 million. Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. On average, analysts expect that Ballard Power Systems, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BLDP. 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 valued at $25,000 after acquiring an additional 6,952 shares during the last quarter. Ground Swell Capital LLC acquired a new position in Ballard Power Systems in the first quarter valued at about $26,000. Cetera Investment Advisers purchased a new position in Ballard Power Systems during the first quarter worth about $33,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Ballard Power Systems by 422.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company's stock worth $38,000 after acquiring an additional 12,149 shares during the last quarter. Finally, Farringdon Capital Ltd. purchased a new stake in Ballard Power Systems in the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 28.02% of the company's stock.

Ballard Power Systems Company Profile

Ballard Power Systems Inc is a clean-energy technology company that develops and manufactures proton exchange membrane (PEM) fuel cell products and systems. Its technology generates electricity through an electrochemical reaction between hydrogen and oxygen, producing water and heat as byproducts during operation.

The company focuses primarily on heavy-duty applications, including fuel cell engines and modules for transit and commercial buses, trucks, trains, marine vessels and stationary power systems.

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