Ballard Power Systems’ (BLDP) “Market Perform” Rating Reaffirmed at Cormark

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

A number of other research analysts have also recently issued reports on the company. TD Securities cut Ballard Power Systems from a “hold” rating to a “sell” rating and decreased their target price for the company from $2.50 to $1.50 in a research note on Monday, August 12th. BMO Capital Markets decreased their price objective 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. Cibc World Mkts downgraded shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. National Bankshares reduced 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. Finally, Raymond James dropped their price objective on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, August 14th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.11.

Ballard Power Systems Trading Down 6.9 %

Shares of NASDAQ:BLDP traded down $0.13 during mid-day trading on Monday, reaching $1.68. The stock had a trading volume of 2,002,080 shares, compared to its average volume of 2,766,598. The firm has a 50 day simple moving average of $2.04 and a two-hundred day simple moving average of $2.55. Ballard Power Systems has a twelve month low of $1.61 and a twelve month high of $4.23. The firm has a market cap of $501.48 million, a PE ratio of -2.68 and a beta of 1.78. The company has a current ratio of 10.90, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $19.36 million. During the same period last year, the business posted ($0.10) earnings per share. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, research analysts predict that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Ballard Power Systems in the fourth quarter valued at approximately $192,000. CIBC Asset Management Inc boosted its position in Ballard Power Systems by 2.9% during the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after purchasing an additional 7,060 shares during the period. Van ECK Associates Corp increased its holdings in shares of Ballard Power Systems by 19.8% in 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 purchasing an additional 353,098 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Ballard Power Systems by 182.8% in the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock valued at $96,000 after purchasing an additional 22,273 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Ballard Power Systems by 4.1% in the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after purchasing an additional 8,549 shares during the period. 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.