Zacks Investment Research Upgrades Ballard Power Systems (BLDP) to “Hold”

Zacks Investment Research upgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a sell rating to a hold rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “

Several other research analysts have also weighed in on the stock. TheStreet raised shares of Ballard Power Systems from a d rating to a c- rating in a research note on Monday, March 25th. BidaskClub raised shares of Ballard Power Systems from a sell rating to a hold rating in a research note on Thursday, March 21st. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $3.45.

Shares of BLDP opened at $3.65 on Monday. The company has a quick ratio of 4.67, a current ratio of 5.35 and a debt-to-equity ratio of 0.06. Ballard Power Systems has a 12-month low of $2.25 and a 12-month high of $4.62. The stock has a market capitalization of $845.70 million, a P/E ratio of -28.08 and a beta of 2.16.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results on Wednesday, May 1st. The technology company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The company had revenue of $16.00 million during the quarter, compared to analyst estimates of $20.63 million. Ballard Power Systems had a negative net margin of 36.58% and a negative return on equity of 14.37%. Ballard Power Systems’s revenue was down 20.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) earnings per share. Equities research analysts anticipate that Ballard Power Systems will post -0.16 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Morgan Stanley boosted its stake in shares of Ballard Power Systems by 42.6% in the first quarter. Morgan Stanley now owns 1,013,824 shares of the technology company’s stock valued at $3,052,000 after purchasing an additional 302,994 shares during the period. Swiss National Bank boosted its stake in shares of Ballard Power Systems by 3.6% in the first quarter. Swiss National Bank now owns 295,700 shares of the technology company’s stock valued at $896,000 after purchasing an additional 10,200 shares during the period. First Trust Advisors LP boosted its stake in shares of Ballard Power Systems by 3.8% in the first quarter. First Trust Advisors LP now owns 225,723 shares of the technology company’s stock valued at $679,000 after purchasing an additional 8,275 shares during the period. Alps Advisors Inc. boosted its stake in shares of Ballard Power Systems by 57.4% in the first quarter. Alps Advisors Inc. now owns 126,222 shares of the technology company’s stock valued at $380,000 after purchasing an additional 46,046 shares during the period. Finally, ETF Managers Group LLC purchased a new position in shares of Ballard Power Systems in the fourth quarter valued at approximately $222,000. 2.22% of the stock is 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 fuel cell products worldwide. The company offers heavy duty modules, fuel cell stacks, backup power systems, and portable power/ unmanned aerial vehicles, and material handling products.

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