Ballard Power Systems (NASDAQ:BLDP) Trading Down 3% – Here’s What Happened

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) dropped 3% during trading on Friday . The stock traded as low as $1.78 and last traded at $1.79. Approximately 1,291,937 shares traded hands during trading, a decline of 85% from the average daily volume of 8,578,950 shares. The stock had previously closed at $1.84.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Citigroup dropped their price target on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Susquehanna lowered their target price on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, October 16th. Hsbc Global Res lowered Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Cormark reiterated a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Finally, CIBC dropped their price target on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Ballard Power Systems currently has a consensus rating of “Hold” and an average price target of $2.77.

Ballard Power Systems Stock Performance

The firm has a market cap of $559.95 million, a price-to-earnings ratio of -1.70 and a beta of 1.67. The stock’s fifty day moving average is $1.53 and its two-hundred day moving average is $1.83. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC grew its holdings in shares of Ballard Power Systems by 137.6% during the third quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock valued at $2,008,000 after buying an additional 646,219 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Ballard Power Systems by 29.0% during the 3rd quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock valued at $159,000 after buying an additional 19,856 shares during the period. Decade Renewable Partners LP acquired a new position in shares of Ballard Power Systems in the second quarter worth $450,000. TD Asset Management Inc raised its holdings in shares of Ballard Power Systems by 1.2% during the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock worth $1,599,000 after acquiring an additional 8,154 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Ballard Power Systems by 17.1% during the 3rd quarter. Tidal Investments LLC now owns 264,781 shares of the technology company’s stock valued at $477,000 after buying an additional 38,616 shares during the last quarter. 28.02% of the stock is owned by hedge funds and other 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.