Wells Fargo & Company Forecasts Strong Price Appreciation for Ballard Power Systems (NASDAQ:BLDP) Stock

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its price objective raised by equities researchers at Wells Fargo & Company from $1.50 to $2.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 15.97% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen upgraded shares of Ballard Power Systems from a “sell” rating to a “hold” rating in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Wednesday, January 21st. Finally, TD Securities raised shares of Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price target for the company in a research note on Friday, January 9th. Ten equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Ballard Power Systems has a consensus rating of “Reduce” and a consensus target price of $2.48.

Ballard Power Systems Stock Performance

NASDAQ BLDP opened at $2.38 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 9.14 and a current ratio of 9.86. The stock’s fifty day moving average is $2.31 and its two-hundred day moving average is $2.73. The firm has a market capitalization of $715.87 million, a P/E ratio of -7.93 and a beta of 1.78. Ballard Power Systems has a fifty-two week low of $1.00 and a fifty-two week high of $4.10.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its earnings results on Thursday, March 12th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $33.28 million during the quarter, compared to the consensus estimate of $32.24 million. On average, research analysts anticipate that Ballard Power Systems will post -0.54 earnings per share for the current year.

Institutional Trading of Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. raised its holdings in Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock valued at $25,000 after buying an additional 6,952 shares during the period. Amundi boosted its stake in 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 buying an additional 9,454 shares during the period. Vontobel Holding Ltd. increased its position in shares of Ballard Power Systems by 27.7% during the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock valued at $118,000 after acquiring an additional 10,000 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in shares of Ballard Power Systems during the fourth quarter valued at about $26,000. Finally, Intesa Sanpaolo S.p.A. purchased a new stake in shares of Ballard Power Systems in the 4th quarter valued at approximately $28,000. 28.02% of the stock is owned by institutional investors and hedge funds.

About Ballard Power Systems

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.