Ballard Power Systems (NASDAQ:BLDP) Price Target Cut to $1.50 by Analysts at Citigroup

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) had its target price dropped by investment analysts at Citigroup from $2.00 to $1.50 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target indicates a potential upside of 14.07% from the company’s current price.

Several other research analysts have also issued reports on BLDP. Raymond James dropped their price objective on Ballard Power Systems from $2.50 to $2.00 and set a “market perform” rating for the company in a research note on Friday. CIBC decreased their price objective on shares of 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. HSBC cut their target price on shares of Ballard Power Systems from $1.90 to $1.40 and set a “hold” rating for the company in a research note on Friday. UBS Group set a $1.25 price target on Ballard Power Systems in a report on Friday. Finally, Roth Mkm lowered their target price on Ballard Power Systems from $1.75 to $1.25 and set a “neutral” rating for the company in a research note on Friday. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems has an average rating of “Hold” and a consensus target price of $2.13.

Ballard Power Systems Price Performance

BLDP traded down $0.04 during midday trading on Tuesday, reaching $1.32. 3,872,632 shares of the company’s stock were exchanged, compared to its average volume of 4,841,626. Ballard Power Systems has a one year low of $1.08 and a one year high of $3.38. The firm has a market capitalization of $393.76 million, a price-to-earnings ratio of -1.20 and a beta of 1.75. The business has a 50-day simple moving average of $1.42 and a two-hundred day simple moving average of $1.54. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Portolan Capital Management LLC bought a new stake in Ballard Power Systems during the 4th quarter worth approximately $2,508,000. Millennium Management LLC grew its stake in Ballard Power Systems by 79.9% in the fourth quarter. Millennium Management LLC now owns 2,652,624 shares of the technology company’s stock valued at $4,404,000 after purchasing an additional 1,177,718 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Ballard Power Systems by 58.4% during the 4th quarter. Two Sigma Investments LP now owns 1,793,296 shares of the technology company’s stock worth $2,977,000 after purchasing an additional 661,413 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Ballard Power Systems by 137.6% during the 3rd quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock worth $2,008,000 after purchasing an additional 646,219 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Ballard Power Systems by 35.4% in the fourth quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company’s stock valued at $4,094,000 after acquiring an additional 644,861 shares during the last quarter. Institutional investors and hedge funds own 28.02% of the company’s stock.

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.