Ballard Power Systems (NASDAQ:BLDP) Shares Gap Down Following Weak Earnings

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. 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 traded.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on BLDP shares. Jefferies Financial Group decreased their price objective on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a research note on Wednesday. TD Securities upped their price objective on shares of Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a research report on Wednesday. CIBC cut their price objective on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday. HSBC lowered their price objective on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating for the company in a research report on Wednesday. Finally, Citigroup dropped their price target on Ballard Power Systems from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, February 27th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.74.

Institutional Investors Weigh In On Ballard Power Systems

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ballard Power Systems by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock worth $3,222,000 after buying an additional 89,643 shares in the last quarter. Swiss National Bank raised its position in Ballard Power Systems by 1.9% in the third quarter. Swiss National Bank now owns 529,800 shares of the technology company’s stock valued at $1,967,000 after purchasing an additional 10,100 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Ballard Power Systems by 1.7% during the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after purchasing an additional 148,321 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in Ballard Power Systems by 0.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 542,101 shares of the technology company’s stock valued at $2,005,000 after buying an additional 4,677 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Ballard Power Systems by 116.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 35,861 shares of the technology company’s stock worth $133,000 after acquiring an additional 19,284 shares during the last quarter. Institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Price Performance

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

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.