Ballard Power Systems Inc. [NASDAQ: BLDP] closed the trading session at $2.85. The company report on March 14, 2024 at 8:30 AM that Ballard announces $40 million in DOE grants to support build-out of industry-leading integrated fuel cell production Gigafactory in Rockwall, Texas.
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) announced it has received notification from the Hydrogen and Fuel Cell Technologies Office within the U.S. Department of Energy (DOE) that Ballard’s applications for two grants totaling US$40 million under the Clean Hydrogen Electrolysis, Manufacturing, and Recycling Program have been selected and recommended for negotiation of financial awards. The grants will support Ballard’s construction and build-out of an integrated fuel cell production Gigafactory based in Rockwall, Texas.
Ballard plans for the new facility, dubbed Ballard Rockwall Giga 1, to be located on a parcel of 22 acres of industrial land within the Rockwall Technology Park in Rockwall, Texas. In Phase I, Ballard plans to invest approximately US$160 million (net of the US$40 million in expected DOE grants) from 2024 through the end of 2027 to build and commission a new manufacturing facility with annual production capacity of 8 million membrane electrode assemblies (MEAs), 8 million bipolar plates, 20,000 fuel cell stacks, and up to 20,000 fuel cell engines per year, or the equivalent of 3 gigawatts of fuel cells. The land acquisition rights and facility design provide Ballard with optionality for additional future phases at the Rockwall site. Future phases are expected to further increase production scaling and capacity expansion with much lower capital requirements.
The stocks have a year to date performance of -22.97 percent and weekly performance of 2.15 percent. The stock has been moved at -28.39 percent over the last six months. The stock has performed -8.36 percent around the most recent 30 days and changed -19.94 percent over the most recent 3-months.
If compared to the average trading volume of 2.85M shares, BLDP reached to a volume of 3223644 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Ballard Power Systems Inc. [BLDP]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BLDP shares is $4.53 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BLDP stock is a recommendation set at 2.95. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
HSBC Securities have made an estimate for Ballard Power Systems Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 24, 2023. While these analysts kept the previous recommendation, HSBC Securities raised their target price to Hold. The new note on the price target was released on September 25, 2023, representing the official price target for Ballard Power Systems Inc. stock. On June 27, 2023, analysts decreased their price target for BLDP shares from 6 to 5.
The Average True Range (ATR) for Ballard Power Systems Inc. is set at 0.16, with the Price to Sales ratio for BLDP stock in the period of the last 12 months amounting to 8.33. The Price to Book ratio for the last quarter was 0.86, with the Price to Cash per share for the same quarter was set at 2.52.
BLDP stock trade performance evaluation
Ballard Power Systems Inc. [BLDP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.15. With this latest performance, BLDP shares dropped by -8.36% in over the last four-week period, additionally sinking by -28.39% over the last 6 months – not to mention a drop of -43.56% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BLDP stock in for the last two-week period is set at 41.90, with the RSI for the last a single of trading hit 41.98, and the three-weeks RSI is set at 42.54 for Ballard Power Systems Inc. [BLDP]. The present Moving Average for the last 50 days of trading for this stock 3.15, while it was recorded at 2.77 for the last single week of trading, and 3.77 for the last 200 days.
Ballard Power Systems Inc. [BLDP]: An insightful look at the core fundamentals
Ballard Power Systems Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.60 and a Current Ratio set at 12.25.
Earnings per share (EPS) analysis for Ballard Power Systems Inc. [BLDP] stock
With the latest financial reports released by the company, Ballard Power Systems Inc. posted -0.11/share EPS, while the average EPS was predicted by analysts to be reported at -0.13/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 15.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BLDP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Ballard Power Systems Inc. go to 0.03%.
Ballard Power Systems Inc. [BLDP]: Institutional Ownership
The top three institutional holders of BLDP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in BLDP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in BLDP stock with ownership which is approximately 5.8325%.
