Ballard Power Systems (NASDAQ:BLDP) Announces Earnings Results

Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) posted its quarterly earnings results on Friday. The technology company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03, Briefing.com reports. The company had revenue of $20.50 million for the quarter, compared to analyst estimates of $25.62 million. Ballard Power Systems had a negative return on equity of 13.51% and a negative net margin of 182.86%. Ballard Power Systems’s revenue for the quarter was down 44.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.15) EPS.

Ballard Power Systems Stock Down 2.9 %

Shares of BLDP stock opened at $4.97 on Friday. The business’s 50 day moving average is $5.94 and its two-hundred day moving average is $5.98. Ballard Power Systems has a twelve month low of $4.43 and a twelve month high of $12.57. The company has a current ratio of 14.44, a quick ratio of 13.65 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. grew its stake in shares of Ballard Power Systems by 62.3% in the 1st quarter. Advisors Asset Management Inc. now owns 40,746 shares of the technology company’s stock valued at $474,000 after purchasing an additional 15,635 shares during the last quarter. AlphaCrest Capital Management LLC purchased a new position in shares of Ballard Power Systems in the 1st quarter valued at approximately $393,000. CI Private Wealth LLC purchased a new position in shares of Ballard Power Systems in the 4th quarter valued at approximately $312,000. ExodusPoint Capital Management LP purchased a new position in shares of Ballard Power Systems in the 2nd quarter valued at approximately $295,000. Finally, Walleye Capital LLC acquired a new stake in shares of Ballard Power Systems in the 2nd quarter valued at approximately $247,000. 31.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BLDP has been the topic of a number of analyst reports. National Bankshares reduced their price target on Ballard Power Systems from $8.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 17th. BMO Capital Markets started coverage on Ballard Power Systems in a report on Thursday, December 8th. They issued a “market perform” rating and a $5.50 price objective on the stock. Scotiabank started coverage on Ballard Power Systems in a report on Thursday, March 9th. They issued a “sector perform” rating and a $7.25 price objective on the stock. Wells Fargo & Company downgraded Ballard Power Systems from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $6.00 to $5.00 in a report on Friday, January 6th. Finally, Truist Financial dropped their price objective on Ballard Power Systems from $7.00 to $6.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.25.

About Ballard Power Systems

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Ballard Power Systems, Inc engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power, as well as the delivery of technology solutions.