TD Cowen Downgrades Ballard Power Systems (NASDAQ:BLDP) to Hold

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) was downgraded by analysts at TD Cowen from a “buy” rating to a “hold” rating in a research report issued on Friday, MarketBeat reports.

A number of other equities analysts have also recently weighed in on the company. Susquehanna lifted their price target on Ballard Power Systems from $2.00 to $3.30 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Wednesday, October 8th. HSBC set a $3.40 target price on shares of Ballard Power Systems in a research report on Thursday, October 9th. KeyCorp restated a “sector weight” rating on shares of Ballard Power Systems in a research report on Friday, November 14th. Finally, Roth Capital reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Ballard Power Systems in a research note on Friday, November 14th. Fourteen investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Ballard Power Systems has a consensus rating of “Reduce” and an average target price of $2.23.

Ballard Power Systems Price Performance

Shares of NASDAQ:BLDP opened at $2.76 on Friday. The company has a market capitalization of $830.04 million, a PE ratio of -6.90 and a beta of 1.65. The company has a debt-to-equity ratio of 0.03, a quick ratio of 7.53 and a current ratio of 8.33. The stock has a fifty day moving average of $2.86 and a 200-day moving average of $2.54. Ballard Power Systems has a one year low of $1.00 and a one year high of $4.10.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its earnings results on Thursday, November 13th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $32.66 million for the quarter, compared to analysts’ expectations of $23.76 million. Ballard Power Systems had a negative return on equity of 17.89% and a negative net margin of 132.80%. As a group, equities analysts anticipate that Ballard Power Systems will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Ballard Power Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in shares of Ballard Power Systems by 29.1% during the 1st quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after buying an additional 156,014 shares during the period. Amundi raised its holdings in shares of Ballard Power Systems by 16.1% during the first quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ballard Power Systems by 7.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,081,746 shares of the technology company’s stock valued at $4,499,000 after purchasing an additional 285,317 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Ballard Power Systems by 20.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company’s stock valued at $5,408,000 after purchasing an additional 829,012 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Ballard Power Systems by 56.2% in the first quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock valued at $1,635,000 after purchasing an additional 534,834 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Company Profile

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.