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Investing.com - Jefferies raised its price target on Ballard Power Systems (NASDAQ:BLDP) to $2.50 from $1.40 while maintaining a Hold rating on the hydrogen fuel cell company. The new target still sits below the current trading price of $2.91 and InvestingPro data shows BLDP has surged 115.56% over the past year despite recent weakness, with shares dropping 18.49% in the last week.
The revision follows Ballard’s third-quarter 2025 revenue of $32.5 million, which exceeded the consensus estimate of $25 million. The company’s strong performance was primarily driven by robust bus and rail deliveries, which accounted for 70% of total sales. According to InvestingPro data, analysts anticipate 35% revenue growth for fiscal year 2025, though the company suffers from weak gross profit margins (-3.73% over the last twelve months).
Ballard reported an adjusted gross margin that was "slightly negative," outperforming consensus expectations of negative 9%. The company received new orders totaling $19 million during the quarter, which increased its backlog to $132.8 million.
Management provided forward guidance indicating low-to-mid single-digit margins expected in 2026. The company also highlighted anticipated growth in data center backup power applications.
Ballard’s outlook includes expansion plans for its next-generation fuel cell platforms specifically designed for bus and heavy-duty applications, according to the Jefferies research note.
In other recent news, Ballard Power Systems reported its third-quarter 2025 earnings, exceeding revenue forecasts with $32.5 million against an expected $24.14 million. The earnings per share (EPS) also surpassed projections, coming in at -$0.09 compared to the anticipated -$0.113. These results underscore a significant revenue beat, marking a 34.63% surprise. KeyBanc has reiterated its Sector Weight rating on Ballard Power Systems, noting the company’s operational restructuring efforts amid ongoing challenges in market adoption outside the bus segment. The firm highlighted strong gross margins for the quarter, although these included some one-time considerations. Despite the positive earnings results, Ballard continues to face hurdles in broader market acceptance of its technologies.
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