Ballard Power Systems Receives a Buy from B.Riley FBR

By Jason Carr

In a report released today, Carter Driscoll from B.Riley FBR maintained a Buy rating on Ballard Power Systems (NASDAQ: BLDP), with a price target of $5.50. The company’s shares opened today at $3.60.

Driscoll wrote:

“Another Follow-on Order for Protonex. Before market open today, March 27, Ballard announced that its 100%-owned subsidiary, Protonex Technology, received a $1.9M follow- on purchase order from the U.S. Army to supply Squad Power Manager Kits (SPM-622) to support the Army’s Security Force Assistance Brigades (SFAB). This is the second follow-on order for Protonex after achieving milestone C status last September, formally known as full rate production status for the Mobile Soldier Power Program of Record. Essentially, Protonex can sell its power management product suite in more significant volumes because of fewer bureaucratic hurdles needed to make a purchasing decision and we are starting to see the effects of doing so.”

According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -6.7% and a 33.8% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Pacific Ethanol, and Enphase Energy.

Ballard Power Systems has an analyst consensus of Moderate Buy, with a price target consensus of $4.69.

Based on Ballard Power Systems’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $40.26 million and GAAP net loss of $2.89 million. In comparison, last year the company earned revenue of $30.68 million and had a GAAP net loss of $1.12 million.

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Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products. It focuses on power product markets of heavy duty motive, portable power, material handling, and backup power. The company was founded on November 12, 2008 and is headquartered in Burnaby, Canada.