Raymond James Analysts Give Ballard Power Systems (NASDAQ:BLDP) a $40.00 Price Target

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) has been given a $40.00 target price by equities researchers at Raymond James in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm presently has a “strong-buy” rating on the technology company’s stock. Raymond James’ target price would indicate a potential upside of 148.60% from the stock’s current price.

A number of other analysts also recently commented on the stock. TD Securities decreased their price objective on shares of Ballard Power Systems from $40.00 to $30.00 and set a “speculative buy” rating on the stock in a report on Friday, March 12th. Piper Sandler assumed coverage on shares of Ballard Power Systems in a research note on Wednesday, January 27th. They set a “neutral” rating and a $31.00 target price on the stock. CIBC assumed coverage on shares of Ballard Power Systems in a research note on Monday, February 1st. They set a “neutral” rating and a $38.00 target price on the stock. Lake Street Capital boosted their price target on shares of Ballard Power Systems from $20.00 to $35.00 and gave the company a “buy” rating in a report on Friday, March 12th. Finally, HC Wainwright reissued a “hold” rating on shares of Ballard Power Systems in a research report on Friday, March 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $31.57.

Ballard Power Systems stock traded down $4.17 during midday trading on Tuesday, hitting $16.09. 1,022,048 shares of the company’s stock were exchanged, compared to its average volume of 6,481,003. The company has a market cap of $4.79 billion, a PE ratio of -80.65 and a beta of 1.74. The firm has a 50-day moving average of $23.00 and a two-hundred day moving average of $24.29. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.36 and a current ratio of 9.10. Ballard Power Systems has a 12 month low of $8.87 and a 12 month high of $42.28.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Tuesday, March 9th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Ballard Power Systems had a negative return on equity of 14.00% and a negative net margin of 40.04%. The firm had revenue of $28.59 million for the quarter, compared to analysts’ expectations of $29.55 million. As a group, equities analysts expect that Ballard Power Systems will post -0.19 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the company. Reilly Financial Advisors LLC bought a new stake in Ballard Power Systems in the 4th quarter valued at approximately $29,000. Perigon Wealth Management LLC bought a new stake in Ballard Power Systems in the 4th quarter valued at approximately $176,000. Amundi Pioneer Asset Management Inc. lifted its stake in Ballard Power Systems by 595.2% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 163,379 shares of the technology company’s stock valued at $3,823,000 after acquiring an additional 139,879 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Ballard Power Systems in the 4th quarter valued at approximately $472,000. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Ballard Power Systems in the 4th quarter valued at approximately $471,000. Institutional investors and hedge funds own 18.38% of the company’s stock.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane fuel cell products primarily in Canada. The company offers heavy duty modules, marine systems, fuel cell stacks, backup power systems, and material handling products. It also provides technology solutions, including engineering and technology transfer, as well as the licenses and sells intellectual property portfolio and fundamental knowledge for various proton exchange membrane fuel cell applications.

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Analyst Recommendations for Ballard Power Systems (NASDAQ:BLDP)

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