The Vanguard Group, Inc. recently announced the acquisition of new stake in Ballard Power Systems Inc. (NASDAQ:BLDP). The institutional investor has increased its shareholding in the Industrials company by 0.02% to 6.35 million shares with purchase of 1208.0 shares. This fresh investment now brings its stake to 2.13% valued currently at $36.13 million. In addition, Legal & General Investment Manage raised its holdings by 1.01 million to 4.25 million shares. And Norges Bank Investment Management has lifted its position by 76.84% or 1.63 million shares – to 3.75 million shares.
With over 2.98 million Ballard Power Systems Inc. (BLDP) shares trading Friday and a closing price of $5.28 on the day, the dollar volume was approximately $15.71 million. The shares have shown a negative half year performance of -31.25% and its price on 03/10/23 lost nearly -5.55%. Currently, there are 298.18M common shares owned by the public and among those 251.77M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 25 analysts who have offered their price forecasts for BLDP have a consensus price objective of $7.93. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $4.00. The average price target is 35.84% above its recent price level and a downside to the estimated low will see the stock lose -32.0% over that period. But an upside of 72.21% will see the stock hit the forecast high price target while median target price for the stock is $6.40.
The top 3 mutual fund holders in Ballard Power Systems Inc. are iShares II Plc – Global Clean Ene, iShares Global Clean Energy ETF, and L&G Hydrogen Economy UCITS ETF. iShares II Plc – Global Clean Ene owns 5.08 million shares of the company’s stock, all valued at over $28.9 million. The company sold 2076.0 shares recently to bring their total holdings to about 1.70% of the shares outstanding. L&G Hydrogen Economy UCITS ETF now owns shares totaling to 1.35% of the shares outstanding.
Shares of Ballard Power Systems Inc. (NASDAQ: BLDP) opened at $5.56, down -$0.03 from a prior closing price of $5.59. However, the script later moved the day high at 5.56, down -5.55%. The company’s stock has a 5-day price change of -10.05% and -3.30% over the past three months. BLDP shares are trading 10.23% year to date (YTD), with the 12-month market performance down to -54.68% lower. It has a 12-month low price of $4.43 and touched a high of $12.57 over the same period. BLDP has an average intraday trading volume of 2.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.95%, -9.70%, and -18.39% respectively.
Institutional ownership of Ballard Power Systems Inc. (NASDAQ: BLDP) shares accounts for 16.40% of the company’s 298.18M shares outstanding. Mutual fund holders own 25.08%, while other institutional holders and individual stakeholders account for 3.12% and — respectively.
It has a market capitalization of $1.67B and a beta (3y monthly) value of 1.91. The earnings-per-share (ttm) stands at -$0.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.66% over the week and 5.25% over the month.
Analysts forecast that Ballard Power Systems Inc. (BLDP) will achieve an EPS of -$0.14 for the current quarter, -$0.13 for the next quarter and -$0.5 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to decrease by -94.60%, and 16.70% over the next financial year. EPS should grow at an annualized rate of 0.03% over the next five years, compared to -24.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 25 brokerage firm advisors rate Ballard Power Systems Inc. (BLDP) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 16 of the 25 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the BLDP, a number of firms have released research notes about the stock. Scotiabank stated their Sector Perform rating for the stock in a research note on March 10, 2023, with the firm’s price target at $7.25. BMO Capital Markets was of a view on December 08, 2022 that the stock is Market Perform, while TD Securities gave the stock Hold rating on November 08, 2022, issuing a price target of $11- $6.50. National Bank Financial on their part issued Sector Perform rating on November 08, 2022.
