CIBC Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.40

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price trimmed by CIBC from $1.60 to $1.40 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an underperformer rating on the technology company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial lowered their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Raymond James dropped their price objective on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, August 14th. Citigroup decreased their target price on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Lake Street Capital dropped their price target on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, National Bankshares reduced their price objective on Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Ballard Power Systems has an average rating of “Hold” and a consensus target price of $2.87.

Ballard Power Systems Trading Down 19.2 %

BLDP stock opened at $1.35 on Wednesday. Ballard Power Systems has a 12-month low of $1.32 and a 12-month high of $4.02. The business’s 50-day moving average is $1.69 and its 200 day moving average is $2.21. The company has a current ratio of 10.90, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03. The stock has a market cap of $404.22 million, a price-to-earnings ratio of -2.14 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The business had revenue of $16.00 million for the quarter, compared to the consensus estimate of $19.36 million. During the same quarter last year, the business posted ($0.10) earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Decade Renewable Partners LP purchased a new position in shares of Ballard Power Systems during the 2nd quarter worth approximately $450,000. Van ECK Associates Corp lifted its stake in Ballard Power Systems by 8.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after acquiring an additional 186,833 shares in the last quarter. 3Chopt Investment Partners LLC purchased a new position in Ballard Power Systems during the 2nd quarter valued at about $219,000. Susquehanna Fundamental Investments LLC acquired a new position in Ballard Power Systems in the 2nd quarter valued at about $204,000. Finally, XTX Topco Ltd purchased a new stake in Ballard Power Systems during the second quarter worth about $154,000. 28.02% of the stock is owned by hedge funds and other institutional investors.

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.