Ballard Power Systems (NASDAQ:BLDP) Earns Market Perform Rating from Cormark

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD)‘s stock had its “market perform” rating reaffirmed by stock analysts at Cormark in a research report issued to clients and investors on Monday, Benzinga reports.

Several other analysts have also issued reports on BLDP. CIBC reissued an “underperformer” rating and set a $1.60 target price (down from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Wells Fargo & Company decreased their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 13th. Lake Street Capital cut their price target on shares of Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Susquehanna reduced their price target on shares of Ballard Power Systems from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group lowered their price objective on shares of Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $3.11.

Ballard Power Systems Stock Performance

Shares of BLDP traded down $0.13 during midday trading on Monday, reaching $1.68. 2,002,080 shares of the stock were exchanged, compared to its average volume of 2,766,598. The stock’s 50 day simple moving average is $2.04 and its 200 day simple moving average is $2.55. The company has a market cap of $501.48 million, a P/E ratio of -2.68 and a beta of 1.78. Ballard Power Systems has a twelve month low of $1.61 and a twelve month high of $4.23. The company has a quick ratio of 10.05, a current ratio of 10.90 and a debt-to-equity ratio of 0.03.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in Ballard Power Systems by 8.8% in the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after purchasing an additional 186,833 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of Ballard Power Systems by 49.5% during the 4th quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock valued at $2,642,000 after acquiring an additional 236,449 shares during the period. TD Asset Management Inc lifted its position in shares of Ballard Power Systems by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after acquiring an additional 8,154 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Ballard Power Systems by 7.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company’s stock worth $1,572,000 after acquiring an additional 38,662 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Ballard Power Systems by 25.0% in the fourth quarter. Allianz Asset Management GmbH now owns 503,000 shares of the technology company’s stock valued at $1,873,000 after purchasing an additional 100,700 shares in the last quarter. 28.02% of the stock is owned by 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.