Zacks Investment Research downgraded shares of Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) from a hold rating to a strong sell rating in a report released on Wednesday.
According to Zacks, “Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Their focus is on further enhancing product performance, reducing costs, designing market-viable products, developing additional volume-manufacturing capabilities, and continuing to build customer and supplier relationships. “
Several other analysts also recently commented on the stock. B. Riley set a $6.00 target price on shares of Ballard Power Systems and gave the stock a buy rating in a research report on Tuesday, November 14th. BidaskClub downgraded shares of Ballard Power Systems from a sell rating to a strong sell rating in a research report on Thursday, January 18th. Roth Capital set a $5.00 target price on shares of Ballard Power Systems and gave the stock a hold rating in a research report on Thursday, January 4th. ValuEngine downgraded shares of Ballard Power Systems from a hold rating to a sell rating in a research report on Thursday, March 1st. Finally, Cowen set a $4.00 target price on shares of Ballard Power Systems and gave the stock a hold rating in a research report on Friday, March 2nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $4.88.
A number of hedge funds have recently bought and sold shares of BLDP. Bluestein R H & Co. grew its position in Ballard Power Systems by 11.2% in the third quarter. Bluestein R H & Co. now owns 233,000 shares of the technology company’s stock worth $1,090,000 after acquiring an additional 23,500 shares in the last quarter. PEAK6 Investments L.P. grew its position in Ballard Power Systems by 556.3% in the third quarter. PEAK6 Investments L.P. now owns 216,984 shares of the technology company’s stock worth $1,015,000 after acquiring an additional 183,921 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Ballard Power Systems during the 3rd quarter worth $141,000. Bank of Montreal Can boosted its holdings in shares of Ballard Power Systems by 26.2% during the 4th quarter. Bank of Montreal Can now owns 61,968 shares of the technology company’s stock worth $273,000 after buying an additional 12,857 shares during the period. Finally, Swiss National Bank bought a new stake in shares of Ballard Power Systems during the 4th quarter worth $1,197,000. 4.22% of the stock is owned by institutional investors.
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About Ballard Power Systems
Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications.
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