Ballard Power Systems (NASDAQ:BLDP) Cut to “Strong Sell” at Cibc World Mkts

Cibc World Mkts lowered shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a strong sell rating in a report published on Tuesday, Zacks.com reports.

A number of other brokerages have also recently issued reports on BLDP. National Bankshares lowered 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 note on Tuesday. Truist Financial dropped their price target 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. CIBC reiterated an underperformer rating and issued a $1.60 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Tuesday. Jefferies Financial Group lowered their target price on shares of Ballard Power Systems from $3.25 to $2.00 and set a hold rating on the stock in a report on Tuesday. Finally, Lake Street Capital cut their price target on Ballard Power Systems from $15.00 to $10.00 and set a buy rating for the company in a report on Tuesday. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $3.11.

Ballard Power Systems Price Performance

BLDP opened at $1.85 on Tuesday. Ballard Power Systems has a twelve month low of $1.77 and a twelve month high of $4.48. The company’s 50-day moving average price is $2.33 and its two-hundred day moving average price is $2.76. The company has a current ratio of 10.90, a quick ratio of 10.88 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data 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. The business had revenue of $16.00 million during the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. Ballard Power Systems’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.10) earnings per share. As a group, equities analysts predict that Ballard Power Systems will post -0.48 EPS for the current year.

Institutional Trading of Ballard Power Systems

Several institutional investors and hedge funds have recently made changes to their positions in BLDP. Endowment Wealth Management Inc. bought a new position in Ballard Power Systems in the first quarter valued at $28,000. Headlands Technologies LLC bought a new stake in Ballard Power Systems during the fourth quarter worth about $31,000. Tidal Investments LLC purchased a new position in shares of Ballard Power Systems in the 1st quarter worth about $39,000. Scientech Research LLC bought a new position in shares of Ballard Power Systems during the 2nd quarter valued at about $52,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Ballard Power Systems by 149.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after buying an additional 14,415 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

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.