Ballard Power Systems (NASDAQ:BLDP) Shares Gap Up - What's Next?

Key Points

• Ballard Power Systems shares opened higher, rising from a previous close of $2.37 to $2.47 and last trading at $2.485 on volume of roughly 1.16 million shares.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $3.50 target price, with two Buy, ten Hold, and three Sell ratings. HSBC upgraded the shares to Buy with a $3.60 target, while Susquehanna cut its target to $3.00.
• Ballard reported weaker-than-expected quarterly results, including an adjusted loss of $0.07 per share versus expectations of $0.04 and revenue of $20.34 million versus a $25.24 million estimate. The company continues to show negative profitability metrics, including a net margin of -72.78%.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD's stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.37, but opened at $2.47. Ballard Power Systems shares last traded at $2.4850, with a volume of 1,161,230 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently commented on BLDP. KeyCorp reaffirmed a "sector weight" rating on shares of Ballard Power Systems in a research note on Tuesday, August 4th. 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 report on Monday, August 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ballard Power Systems in a research note on Friday, July 17th. Susquehanna lowered their price target on shares of Ballard Power Systems from $3.50 to $3.00 and set a "neutral" rating for the company in a report on Monday, August 10th. Finally, Zacks Research lowered shares of Ballard Power Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. 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 company. According to MarketBeat.com, Ballard Power Systems has an average rating of "Reduce" and a consensus target price of $3.50.

Ballard Power Systems Stock Performance

The company has a market cap of $844.37 million, a price-to-earnings ratio of -9.25 and a beta of 2.26. The company has a current ratio of 11.19, a quick ratio of 10.36 and a debt-to-equity ratio of 0.03. The stock's 50 day moving average price is $2.72 and its 200 day moving average price is $3.24.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last released 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). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%.The company had revenue of $20.34 million during the quarter, compared to analyst estimates of $25.24 million. On average, analysts expect that Ballard Power Systems, Inc. will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. raised its position in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock worth $25,000 after buying an additional 6,952 shares during the period. Swiss Life Asset Management Ltd acquired a new stake in Ballard Power Systems during the fourth quarter worth about $26,000. Ground Swell Capital LLC acquired a new stake in Ballard Power Systems during the first quarter worth about $26,000. Intesa Sanpaolo S.p.A. purchased a new position in shares of Ballard Power Systems in the 4th quarter worth about $28,000. Finally, Cetera Investment Advisers purchased a new position in shares of Ballard Power Systems in the 1st quarter worth about $33,000. Institutional investors and hedge funds own 28.02% of the company's stock.

Ballard Power Systems Company Profile

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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