Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down Following Weak Earnings

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.83, but opened at $2.73. Ballard Power Systems shares last traded at $2.91, with a volume of 688,029 shares trading hands.

The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Ballard Power Systems had a negative return on equity of 14.06% and a negative net margin of 172.63%. The company had revenue of $14.50 million for the quarter, compared to analyst estimates of $17.55 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Ballard Power Systems’s revenue was up 9.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of analysts recently commented on BLDP shares. Jefferies Financial Group decreased their price objective on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a report on Wednesday. HSBC decreased their price objective on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a report on Wednesday. CIBC decreased their price objective on shares of Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday. Truist Financial reissued a “hold” rating and set a $3.00 price objective (down previously from $3.50) on shares of Ballard Power Systems in a report on Wednesday. Finally, Piper Sandler reduced their price target on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $3.74.

Hedge Funds Weigh In On Ballard Power Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ballard Power Systems by 27.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,910,970 shares of the technology company’s stock worth $14,353,000 after acquiring an additional 849,311 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Ballard Power Systems by 19.8% in the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after acquiring an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Ballard Power Systems by 18.2% in the fourth quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock worth $7,732,000 after acquiring an additional 321,624 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Ballard Power Systems in the fourth quarter worth $1,086,000. Finally, Rafferty Asset Management LLC increased its position in shares of Ballard Power Systems by 49.5% in the fourth quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock worth $2,642,000 after acquiring an additional 236,449 shares in the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Stock Up 6.6 %

The firm’s 50-day moving average price is $2.89 and its 200-day moving average price is $3.24. The company has a market cap of $918.82 million, a price-to-earnings ratio of -5.20 and a beta of 1.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60.

Ballard Power Systems Company Profile

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.