Ballard Power Systems (NASDAQ:BLDP) Stock Price Up 10.2% – Time to Buy?

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD)’s stock price traded up 10.2% during mid-day trading on Thursday . The stock traded as high as $1.83 and last traded at $1.83. 2,510,449 shares changed hands during trading, a decline of 26% from the average session volume of 3,402,973 shares. The stock had previously closed at $1.66.

Analyst Ratings Changes

A number of brokerages have commented on BLDP. CIBC decreased their price objective on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research report on Wednesday, December 4th. StockNews.com upgraded Ballard Power Systems to a “sell” rating in a report on Friday, November 1st. Citigroup dropped their price objective on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Hsbc Global Res cut shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Cormark restated a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ballard Power Systems presently has an average rating of “Hold” and an average target price of $2.77.

Ballard Power Systems Stock Performance

The stock’s 50 day moving average is $1.54 and its two-hundred day moving average is $1.82. The stock has a market capitalization of $574.89 million, a price-to-earnings ratio of -1.75 and a beta of 1.67. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Garden State Investment Advisory Services LLC acquired a new position in Ballard Power Systems during the 3rd quarter worth approximately $119,000. Tidal Investments LLC boosted its holdings in Ballard Power Systems by 17.1% during the third quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock worth $477,000 after purchasing an additional 38,616 shares during the last quarter. Virtu Financial LLC bought a new position in Ballard Power Systems in the third quarter valued at $135,000. Toronto Dominion Bank increased its stake in Ballard Power Systems by 300.0% in the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock valued at $50,000 after buying an additional 20,949 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Ballard Power Systems by 51.0% during the 3rd quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company’s stock worth $779,000 after buying an additional 146,104 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors.

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.