Citigroup Lowers Ballard Power Systems (NASDAQ:BLDP) Price Target to $2.00

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective decreased by investment analysts at Citigroup from $3.50 to $2.00 in a research report issued on Monday, BayStreet.CA reports. The firm presently has a “neutral” rating on the technology company’s stock. Citigroup’s target price points to a potential upside of 13.64% from the stock’s previous close.

A number of other research firms have also recently issued reports on BLDP. Jefferies Financial Group decreased their price target on shares of Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Truist Financial decreased their price target on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. CIBC reaffirmed an “underperformer” rating and issued a $1.60 price target (down previously from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Raymond James decreased their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, August 14th. Finally, National Bankshares decreased their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.01.

Ballard Power Systems Price Performance

Shares of BLDP opened at $1.76 on Monday. Ballard Power Systems has a fifty-two week low of $1.61 and a fifty-two week high of $4.02. The company has a 50 day moving average price of $1.88 and a 200-day moving average price of $2.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90. The stock has a market capitalization of $526.96 million, a PE ratio of -2.85 and a beta of 1.78.

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

Institutional Trading of Ballard Power Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLDP. Van ECK Associates Corp grew its position in Ballard Power Systems by 19.8% during the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock valued at $5,936,000 after buying an additional 353,098 shares during the period. Rafferty Asset Management LLC lifted its holdings in Ballard Power Systems by 49.5% during the fourth quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock valued at $2,642,000 after purchasing an additional 236,449 shares in the last quarter. Decade Renewable Partners LP purchased a new position in Ballard Power Systems during the second quarter valued at $450,000. Allianz Asset Management GmbH lifted its holdings in Ballard Power Systems by 25.0% during 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. Finally, 3Chopt Investment Partners LLC purchased a new position in Ballard Power Systems during the second quarter valued at $219,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

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.