Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $5.50 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.00% from the company’s current price.
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. “
A number of other analysts also recently commented on BLDP. BidaskClub downgraded Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. FBR & Co reaffirmed a “buy” rating and set a $6.00 price target on shares of Ballard Power Systems in a research report on Friday, October 27th. Cowen and Company set a $3.00 price target on Ballard Power Systems and gave the company a “hold” rating in a research report on Monday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Ballard Power Systems in a research report on Tuesday, September 26th. Finally, Roth Capital set a $3.00 price target on Ballard Power Systems and gave the company a “hold” rating in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $5.40.
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Hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd bought a new position in Ballard Power Systems during the second quarter valued at $105,000. First Manhattan Co. bought a new position in Ballard Power Systems during the third quarter valued at $126,000. Renaissance Technologies LLC grew its holdings in Ballard Power Systems by 483.1% during the first quarter. Renaissance Technologies LLC now owns 165,600 shares of the technology company’s stock valued at $368,000 after purchasing an additional 137,200 shares during the period. KCG Holdings Inc. grew its holdings in Ballard Power Systems by 220.0% during the first quarter. KCG Holdings Inc. now owns 204,521 shares of the technology company’s stock valued at $454,000 after purchasing an additional 140,603 shares during the period. Finally, First Trust Advisors LP grew its holdings in Ballard Power Systems by 16.9% during the second quarter. First Trust Advisors LP now owns 181,943 shares of the technology company’s stock valued at $528,000 after purchasing an additional 26,314 shares during the period. 2.80% of the stock is owned by institutional investors and hedge funds.
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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