Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down After Earnings Miss

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.83, but opened at $2.73. Ballard Power Systems shares last traded at $2.91, with a volume of 688,029 shares.

The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Ballard Power Systems had a negative net margin of 172.63% and a negative return on equity of 14.06%. The firm had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 million. During the same period last year, the business earned ($0.11) earnings per share. The business’s revenue was up 9.8% compared to the same quarter last year.

Analyst Ratings Changes

Several brokerages have issued reports on BLDP. Piper Sandler decreased their price target on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating for the company in a research report on Wednesday, March 13th. CIBC reduced their price target on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday. HSBC cut their price objective on Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a research note on Wednesday. TD Securities boosted their price target on shares of Ballard Power Systems from $2.50 to $2.75 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Truist Financial reaffirmed a “hold” rating and issued a $3.00 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.74.

Institutional Trading of Ballard Power Systems

A number of large investors have recently added to or reduced their stakes in BLDP. Headlands Technologies LLC purchased a new position in shares of Ballard Power Systems during the fourth quarter worth approximately $31,000. Endowment Wealth Management Inc. purchased a new position in shares of Ballard Power Systems during the first quarter worth approximately $28,000. FNY Investment Advisers LLC raised its stake in shares of Ballard Power Systems by 5,000.0% during the fourth quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock worth $37,000 after acquiring an additional 10,000 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of Ballard Power Systems during the third quarter worth approximately $48,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Ballard Power Systems by 37.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 13,831 shares of the technology company’s stock worth $51,000 after acquiring an additional 3,753 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Price Performance

The stock has a market capitalization of $918.82 million, a PE ratio of -5.20 and a beta of 1.65. The firm’s 50 day simple moving average is $2.89 and its 200 day simple moving average is $3.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.25 and a quick ratio of 11.60.

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.