Ballard Power Systems (NASDAQ:BLDP) Cut to Hold at Hsbc Global Res

Hsbc Global Res downgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

BLDP has been the subject of several other research reports. Citigroup decreased 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. Susquehanna decreased their price objective 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 cut Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday. TD Securities cut Ballard Power Systems from a “hold” rating to a “sell” rating and decreased their price objective for the company from $2.50 to $1.50 in a report on Monday, August 12th. Finally, BMO Capital Markets reduced their price target on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Six equities research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.78.

Ballard Power Systems Stock Performance

Shares of BLDP opened at $1.35 on Wednesday. The stock has a 50-day moving average of $1.67 and a two-hundred day moving average of $2.20. Ballard Power Systems has a one year low of $1.27 and a one year high of $4.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 9.01. The stock has a market cap of $404.22 million, a P/E ratio of -1.23 and a beta of 1.78.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 19.96% and a negative net margin of 357.78%. The company had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $19.36 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. As a group, research analysts predict that Ballard Power Systems will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Ballard Power Systems

A number of hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank increased its holdings in shares of Ballard Power Systems by 182.8% in the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock valued at $96,000 after purchasing an additional 22,273 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ballard Power Systems by 4.1% in the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after purchasing an additional 8,549 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Ballard Power Systems in the first quarter valued at approximately $39,000. Van ECK Associates Corp increased its holdings in shares of Ballard Power Systems by 8.8% in the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock valued at $5,224,000 after purchasing an additional 186,833 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Ballard Power Systems by 84.3% in the second quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock valued at $179,000 after purchasing an additional 36,368 shares during the last quarter. Institutional investors and hedge funds own 28.02% 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 (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.