Ballard Power Systems (NASDAQ:BLDP) Reaches New 52-Week High – Should You Buy?

Shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) hit a new 52-week high on Saturday . The company traded as high as $3.60 and last traded at $3.53, with a volume of 19203785 shares. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BLDP. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Saturday, September 27th. Roth Capital boosted their price target on Ballard Power Systems from $1.25 to $1.80 and gave the stock a “neutral” rating in a research note on Monday, August 11th. National Bank Financial upgraded Ballard Power Systems to a “hold” rating in a research note on Sunday, June 8th. Lake Street Capital lowered Ballard Power Systems from a “buy” rating to a “hold” rating in a research note on Monday, August 11th. Finally, Wells Fargo & Company boosted their price target on Ballard Power Systems from $1.00 to $1.50 and gave the stock an “underweight” rating in a research note on Wednesday, August 13th. Ten analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, Ballard Power Systems has an average rating of “Reduce” and an average target price of $1.51.

Ballard Power Systems Trading Up 23.0%

The firm has a market cap of $1.06 billion, a PE ratio of -3.57 and a beta of 1.80. The company has a current ratio of 9.31, a quick ratio of 8.32 and a debt-to-equity ratio of 0.03. The company has a 50-day simple moving average of $2.17 and a 200 day simple moving average of $1.69.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Monday, August 11th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Ballard Power Systems had a negative return on equity of 21.52% and a negative net margin of 409.35%.The firm had revenue of $17.98 million for the quarter, compared to analyst estimates of $17.94 million. As a group, sell-side analysts forecast that Ballard Power Systems, Inc. will post -0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BLDP. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Ballard Power Systems by 39.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 385,643 shares of the technology company’s stock valued at $440,000 after buying an additional 108,364 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Ballard Power Systems by 10.6% during the 1st quarter. Penserra Capital Management LLC now owns 1,099,554 shares of the technology company’s stock valued at $1,209,000 after buying an additional 105,153 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Ballard Power Systems by 2.1% during the 1st quarter. Alps Advisors Inc. now owns 396,822 shares of the technology company’s stock valued at $437,000 after buying an additional 8,265 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Ballard Power Systems by 8.5% in the 1st quarter. Mackenzie Financial Corp now owns 122,914 shares of the technology company’s stock valued at $136,000 after purchasing an additional 9,626 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Ballard Power Systems in the 1st quarter valued at $171,000. Hedge funds and other 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.