Ballard Power Systems (NASDAQ:BLDP) Given New $1.40 Price Target at HSBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective reduced by analysts at HSBC from $1.90 to $1.40 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a “hold” rating on the technology company’s stock. HSBC’s target price would indicate a potential upside of 8.95% from the stock’s current price.

BLDP has been the topic of several other reports. TD Cowen raised Ballard Power Systems to a “strong sell” rating in a research report on Monday, January 13th. Raymond James dropped their target price on Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating on the stock in a research report on Friday. Roth Mkm dropped their target price on Ballard Power Systems from $1.75 to $1.25 and set a “neutral” rating on the stock in a research report on Friday. CIBC dropped their target price on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research report on Wednesday, December 4th. Finally, BMO Capital Markets lowered their price objective on Ballard Power Systems from $1.30 to $1.20 and set an “underperform” rating on the stock in a research report on Friday. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Ballard Power Systems currently has an average rating of “Hold” and an average price target of $2.31.

Ballard Power Systems Stock Performance

NASDAQ:BLDP traded up $0.01 on Friday, hitting $1.29. The stock had a trading volume of 4,583,443 shares, compared to its average volume of 10,245,447. The stock has a market cap of $384.78 million, a price-to-earnings ratio of -1.17 and a beta of 1.75. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. The business’s 50-day simple moving average is $1.44 and its two-hundred day simple moving average is $1.56. Ballard Power Systems has a 52-week low of $1.08 and a 52-week high of $3.38.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BLDP. First Commonwealth Financial Corp PA purchased a new position in Ballard Power Systems in the 3rd quarter worth approximately $27,000. Raymond James Financial Inc. purchased a new position in Ballard Power Systems in the 4th quarter worth approximately $27,000. Toronto Dominion Bank lifted 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 worth $50,000 after purchasing an additional 20,949 shares in the last quarter. Headlands Technologies LLC purchased a new position in Ballard Power Systems in the 4th quarter worth approximately $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Ballard Power Systems by 35.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,798 shares of the technology company’s stock worth $68,000 after purchasing an additional 10,767 shares in the last quarter. 28.02% of the stock is owned by hedge funds and other 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.