Ballard Power Systems (NASDAQ:BLDP) Shares Gap Up – Time to Buy?

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD)’s share price gapped up before the market opened on Friday . The stock had previously closed at $2.90, but opened at $3.12. Ballard Power Systems shares last traded at $2.9730, with a volume of 840,354 shares trading hands.

Wall Street Analysts Forecast Growth

BLDP has been the topic of a number of research reports. TD Cowen raised shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a report on Friday, January 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a report on Wednesday, January 21st. Wells Fargo & Company raised their target price on Ballard Power Systems from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Friday, March 27th. Finally, TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 target price on the stock in a research note on Friday, January 9th. Ten equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $2.69.

Ballard Power Systems Trading Up 2.1%

The stock has a market cap of $892.37 million, a P/E ratio of -9.87 and a beta of 1.68. The firm’s fifty day moving average price is $2.36 and its two-hundred day moving average price is $2.74. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.86 and a quick ratio of 9.14.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Thursday, March 12th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%.The company had revenue of $33.28 million during the quarter, compared to analyst estimates of $32.24 million. As a group, equities research analysts forecast that Ballard Power Systems, Inc. will post -0.54 EPS for the current year.

Institutional Trading of Ballard Power Systems

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its holdings in shares of Ballard Power Systems by 204.5% during the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock worth $10,145,000 after purchasing an additional 2,682,355 shares in the last quarter. Invesco Ltd. increased its position in shares of Ballard Power Systems by 48.6% in the fourth quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock worth $12,621,000 after purchasing an additional 1,625,542 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Ballard Power Systems by 117.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company’s stock valued at $4,327,000 after purchasing an additional 1,467,547 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Ballard Power Systems by 20.3% in 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Ballard Power Systems by 104.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,418,389 shares of the technology company’s stock valued at $3,603,000 after purchasing an additional 726,188 shares during the last quarter. 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.