CIBC Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.20

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price cut by CIBC from $1.40 to $1.20 in a research note released on Wednesday morning,Benzinga reports. They currently have an underperformer rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on BLDP. TD Securities downgraded Ballard Power Systems from a “hold” rating to a “sell” rating and decreased their price objective for the company from $2.50 to $1.50 in a report on Monday, August 12th. Cibc World Mkts lowered Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 13th. Lake Street Capital dropped their price objective on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. BMO Capital Markets cut their price objective on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Finally, Wells Fargo & Company lowered their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 13th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Ballard Power Systems currently has an average rating of “Hold” and an average price target of $2.77.

Ballard Power Systems Price Performance

NASDAQ:BLDP opened at $1.61 on Wednesday. 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 50-day moving average of $1.53 and a 200-day moving average of $2.00. Ballard Power Systems has a 52 week low of $1.23 and a 52 week high of $4.02. The company has a market capitalization of $482.07 million, a price-to-earnings ratio of -1.46 and a beta of 1.72.

Institutional Trading of Ballard Power Systems

Several hedge funds have recently modified their holdings of the stock. TD Asset Management Inc boosted its holdings in Ballard Power Systems by 1.2% in the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after acquiring an additional 8,154 shares during the last quarter. Banque Cantonale Vaudoise lifted its position in Ballard Power Systems by 7.7% during the 3rd quarter. Banque Cantonale Vaudoise now owns 190,433 shares of the technology company’s stock valued at $343,000 after purchasing an additional 13,639 shares during the period. Tidal Investments LLC bought a new position in shares of Ballard Power Systems in the 1st quarter valued at about $39,000. Daiwa Securities Group Inc. grew its position in shares of Ballard Power Systems by 149.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after buying an additional 14,415 shares during the period. Finally, First Commonwealth Financial Corp PA bought a new stake in shares of Ballard Power Systems during the third quarter worth approximately $27,000. 28.02% of the stock is owned by 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.