Ballard Power Systems Inc. [NASDAQ: BLDP] stock went on an upward path that rose over 17.63% on Monday, amounting to a one-week price increase of more than 18.05%. The company report on April 1, 2024 at 8:35 AM that Ballard announces $54 million of additional funding support, bringing total U.S. federal funding to $94 million for Ballard’s fuel cell Gigafactory in Texas.
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) announced it has been awarded $54 million of investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C), funded by the Inflation Reduction Act (IRA). The 48C program, which provides 30% investment tax credits for selected clean energy manufacturing projects, is designed to support secure and resilient domestic clean energy supply chains. Ballard plans to use the $54 million in tax credits to support the build-out of a new fuel cell Gigafactory in Rockwall, Texas.
“Ballard sits at the convergence of the megatrends of decarbonization, energy security, and technology change, with highly disruptive and proven zero-emission fuel cell products,” said Randy MacEwen, Ballard’s President & Chief Executive Officer. “We are encouraged with the increasingly constructive policy landscape, including the recent unveiling of the U.S. National Blueprint for Transportation Decarbonization and the National Zero-Emission Freight Corridor Strategy. At the same time, we are seeing growing customer interest across our market verticals.”.
Over the last 12 months, BLDP stock dropped by -39.44%. The one-year Ballard Power Systems Inc. stock forecast points to a potential upside of 27.81. The average equity rating for BLDP stock is currently 2.95, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $977.86 million, with 298.94 million shares outstanding and 241.87 million shares in the current float. Compared to the average trading volume of 2.87M shares, BLDP stock reached a trading volume of 16863753 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 0.17, with the Price to Sales ratio for BLDP stock in the period of the last 12 months amounting to 9.55. The Price to Book ratio for the last quarter was 0.99, with the Price to Cash per share for the same quarter was set at 2.52.
BLDP Stock Performance Analysis:
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 18.05. With this latest performance, BLDP shares gained by 4.14% in over the last four-week period, additionally sinking by -8.91% over the last 6 months – not to mention a drop of -39.44% 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 62.05, with the RSI for the last a single of trading hit 70.67, and the three-weeks RSI is set at 56.84 for Ballard Power Systems Inc. [BLDP]. The present Moving Average for the last 50 days of trading for this stock 3.08, while it was recorded at 2.84 for the last single week of trading, and 3.71 for the last 200 days.
Insight into Ballard Power Systems Inc. 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.
BLDP Stock EPS
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] Institutonal Ownership Details
The top three institutional holders of BLDP stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in BLDP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in BLDP stock with ownership which is approximately 5.8386%.
