Ballard Power Systems (NASDAQ:BLDP) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw unusually-high trading volume on Monday . Approximately 6,065,564 shares were traded during mid-day trading, an increase of 98% from the previous session’s volume of 3,067,036 shares.The stock last traded at $1.80 and had previously closed at $1.61.

Wall Street Analysts Forecast Growth

BLDP has been the topic of several research analyst reports. Cibc World Mkts lowered Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 13th. Raymond James dropped their price objective on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 14th. Lake Street Capital dropped their price objective on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Cormark reiterated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. Finally, Hsbc Global Res lowered Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.77.

Ballard Power Systems Price Performance

The stock has a market capitalization of $510.51 million, a price-to-earnings ratio of -1.55 and a beta of 1.72. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01. The company has a fifty day simple moving average of $1.53 and a two-hundred day simple moving average of $1.96.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Commonwealth Financial Corp PA acquired a new position in Ballard Power Systems in the 3rd quarter valued at $27,000. Toronto Dominion Bank raised its holdings in Ballard Power Systems by 300.0% in the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock valued at $50,000 after acquiring an additional 20,949 shares in the last quarter. Scientech Research LLC acquired a new position in Ballard Power Systems in the 2nd quarter valued at $52,000. Daiwa Securities Group Inc. increased its stake in shares of 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 purchasing an additional 14,415 shares during the last quarter. Finally, MQS Management LLC bought a new position in shares of Ballard Power Systems in the 2nd quarter valued at $79,000. 28.02% of the stock is owned by institutional investors and hedge funds.

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.