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Why Ballard Power Systems Inc. (NASDAQ: BLDP) Is A Great Stock Pick For Momentum Investors

Ballard Power Systems Inc. (NASDAQ:BLDP) shares, rose in value on Wednesday, 08/03/22, with the stock price up by 0.98% to the previous day’s close as strong demand from buyers drove the stock to $8.28.

Actively observing the price movement in the last trading, the stock closed the session at $8.20, falling within a range of $8.06 and $8.34. The value of beta (5-year monthly) was 1.74. Referring to stock’s 52-week performance, its high was $19.66, and the low was $5.75. On the whole, BLDP has fluctuated by 28.77% over the past month.

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With the market capitalization of Ballard Power Systems Inc. currently standing at about $2.16 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 02, 2022 – May 06, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.06, which is expected to increase to -$0.04 for fiscal year -$0.25 and then to about -$0.19 by fiscal year 2022. Data indicates that the EPS growth is expected to be -19.00% in 2022, while the next year’s EPS growth is forecast to be 24.00%.

Analysts have estimated the company’s revenue for the quarter at $26.46 million, with a low estimate of $21 million and a high estimate of $36.1 million. According to the average forecast, sales growth in current quarter could jump down -4.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2022, the company’s y-o-y revenues would reach $103.11 million, representing a decrease of -0.70% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that BLDP’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of BLDP currently trading nearly 15.88% and 19.34% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 64.38, while the 7-day volatility ratio is showing 6.60% which for the 30-day chart, stands at 6.75%. Furthermore, Ballard Power Systems Inc. (BLDP)’s beta value is 1.77, and its average true range (ATR) is 0.49. The company’s stock has been forecasted to trade at an average price of $11.77 over the course of the next 52 weeks, with a low of $5.00 and a high of $35.00. Based on these price targets, the low is 39.61% off current price, whereas the price has to move -322.71% to reach the yearly target high. Additionally, analysts’ median price of $9.00 is likely to be welcomed by investors because it represents a decrease of -8.7% from the current levels.

A comparison of Ballard Power Systems Inc. (BLDP) with its peers suggests the former has fared considerably weaker in the market. BLDP showed an intraday change of 0.98% in last session, and over the past year, it shrunk by -47.02%%. In comparison, Plug Power Inc. (PLUG) has moved higher at 1.42% on the day and was down -11.06% over the past 12 months. On the other hand, the price of Canadian Solar Inc. (CSIQ) has fallen -0.96% on the day. The stock, however, is off -12.81% from where it was a year ago. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 1.56%. Meanwhile, the Dow Jones Industrial Improved by 1.29%.

Data on historical trading for Ballard Power Systems Inc. (NASDAQ:BLDP) indicates that the trading volumes over the past 10 days have averaged 4.59 million and over the past 3 months, they’ve averaged 4.42 million. According to company’s latest data on outstanding shares, there are 297.82 million shares outstanding.

Nearly 0.50% of Ballard Power Systems Inc.’s shares belong to company insiders and institutional investors own 16.40% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 23.88 million shares as on Jul 14, 2022, resulting in a short ratio of 6.09. According to the data, the short interest in Ballard Power Systems Inc. (BLDP) stood at 8.01% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 24.93 million. The stock has fallen by -34.08% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the BLDP stock heading into the next quarter.

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