Ballard Power Systems (NASDAQ:BLDP) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw strong trading volume on Monday . 6,065,564 shares changed hands during mid-day trading, an increase of 98% from the previous session’s volume of 3,067,036 shares.The stock last traded at $1.80 and had previously closed at $1.61.

Wall Street Analysts Forecast Growth

BLDP has been the topic of several research reports. Truist Financial dropped their target price on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Raymond James cut their target price on shares of Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, August 14th. TD Securities cut shares of Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their target price for the company from $2.50 to $1.50 in a report on Monday, August 12th. Lake Street Capital dropped their price target on shares of Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group cut their price objective on shares of Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.77.

Ballard Power Systems Trading Up 5.5 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01. The company has a market capitalization of $508.42 million, a PE ratio of -1.62 and a beta of 1.72. The stock has a fifty day moving average of $1.53 and a 200 day moving average of $1.98.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC purchased a new stake in Ballard Power Systems in the 1st quarter worth $39,000. First Commonwealth Financial Corp PA bought a new stake in shares of Ballard Power Systems in the third quarter worth about $27,000. Scientech Research LLC purchased a new stake in shares of Ballard Power Systems in the second quarter worth about $52,000. Daiwa Securities Group Inc. boosted its stake in Ballard Power Systems by 149.7% during the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after buying an additional 14,415 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in Ballard Power Systems by 300.0% during the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock valued at $50,000 after buying an additional 20,949 shares in the last quarter. Institutional investors 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.