Ballard Power Systems (NASDAQ:BLDP) Price Target Lowered to $1.40 at HSBC

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective decreased by analysts at HSBC from $1.90 to $1.40 in a 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 suggests a potential upside of 6.06% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. TD Cowen raised shares of Ballard Power Systems to a “strong sell” rating in a research note on Monday, January 13th. CIBC reduced their target price on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. Roth Mkm cut their price target on shares of Ballard Power Systems from $1.75 to $1.25 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets cut their price target on shares of Ballard Power Systems from $1.30 to $1.20 and set an “underperform” rating on the stock in a report on Friday. Finally, Raymond James cut their price target on shares of Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating on the stock in a report on Friday. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.31.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $1.32 on Friday. The company has a market cap of $395.26 million, a price-to-earnings ratio of -1.20 and a beta of 1.75. The firm’s fifty day moving average is $1.43 and its 200 day moving average is $1.55. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a 52-week low of $1.08 and a 52-week high of $3.38.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds have recently modified their holdings of BLDP. Portolan Capital Management LLC purchased a new position in shares of Ballard Power Systems during the fourth quarter worth approximately $2,508,000. Millennium Management LLC grew its position in shares of Ballard Power Systems by 79.9% during the fourth quarter. Millennium Management LLC now owns 2,652,624 shares of the technology company’s stock worth $4,404,000 after acquiring an additional 1,177,718 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of Ballard Power Systems by 58.4% during the fourth quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company’s stock worth $2,977,000 after purchasing an additional 661,413 shares during the period. Jane Street Group LLC lifted its holdings in shares of Ballard Power Systems by 137.6% during the third quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock worth $2,008,000 after purchasing an additional 646,219 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Ballard Power Systems by 35.4% during the fourth quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company’s stock worth $4,094,000 after purchasing an additional 644,861 shares during the period. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

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.