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

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective cut by CIBC from $1.60 to $1.40 in a report issued on Wednesday,Benzinga reports. The firm currently has an “underperformer” rating on the technology company’s stock. CIBC’s price target suggests a potential upside of 4.48% from the stock’s current price.

A number of other brokerages have also recently commented on BLDP. BMO Capital Markets lowered their price target on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Wells Fargo & Company decreased their target price on Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, August 13th. National Bankshares cut their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. StockNews.com upgraded shares of Ballard Power Systems to a “sell” rating in a research note on Friday, November 1st. Finally, Truist Financial cut their price objective 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. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.87.

Ballard Power Systems Stock Performance

BLDP opened at $1.34 on Wednesday. The firm’s 50-day moving average price is $1.68 and its 200-day moving average price is $2.21. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 9.01. Ballard Power Systems has a 52-week low of $1.32 and a 52-week high of $4.02.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Ballard Power Systems had a negative net margin of 357.78% and a negative return on equity of 19.96%. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. During the same quarter in the prior year, the business posted ($0.10) EPS. Ballard Power Systems’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts predict that Ballard Power Systems will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Institutional investors have recently modified their holdings of the business. Endowment Wealth Management Inc. purchased a new position in Ballard Power Systems during the first quarter worth approximately $28,000. Tidal Investments LLC purchased a new position in shares of Ballard Power Systems during the 1st quarter valued at approximately $39,000. Scientech Research LLC acquired a new stake in Ballard Power Systems in the 2nd quarter valued at $52,000. Daiwa Securities Group Inc. grew its stake in Ballard Power Systems by 149.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after acquiring an additional 14,415 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new stake in Ballard Power Systems in the 1st quarter worth $59,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.