BMO Capital Markets Cuts Ballard Power Systems (NASDAQ:BLDP) Price Target to $1.20

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price decreased by BMO Capital Markets from $1.30 to $1.20 in a research note issued to investors on Friday,Benzinga reports. BMO Capital Markets currently has an underperform rating on the technology company’s stock.

Several other research firms have also commented on BLDP. TD Cowen raised Ballard Power Systems to a “strong sell” rating in a report on Monday, January 13th. CIBC lowered their price target 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. Six analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.31.

Ballard Power Systems Stock Up 3.1 %

Ballard Power Systems stock opened at $1.32 on Friday. The firm has a market cap of $395.26 million, a price-to-earnings ratio of -1.20 and a beta of 1.75. Ballard Power Systems has a 52 week low of $1.08 and a 52 week high of $3.38. The business’s 50-day moving average price is $1.43 and its 200 day moving average price 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.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC increased its stake in 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 acquiring an additional 646,219 shares during the last quarter. Geode Capital Management LLC increased its stake in Ballard Power Systems by 51.0% during the third quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company’s stock worth $779,000 after acquiring an additional 146,104 shares during the last quarter. Van ECK Associates Corp increased its stake in 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 acquiring an additional 644,861 shares during the last quarter. XTX Topco Ltd increased its stake in Ballard Power Systems by 29.0% during the third quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock worth $159,000 after acquiring an additional 19,856 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in shares of Ballard Power Systems by 17.1% in the third quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock valued at $477,000 after buying an additional 38,616 shares in the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

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.