NEW YORK (TheStreet) -- Ballard Power Systems Inc. (BLDP) closed out the trading day on Wednesday at $2.27 a share, an 8.1% or 20 cent decrease from the previous close of $2.47.
The stock experienced a surge early Wednesday as it hit a high for the day at $2.70 just before 10 a.m., but it trailed off in the late afternoon to fall below the $2.30 mark. Ballard had a volume of 16,402,753 at the close of the day, far above its average volume of 1,701,470. The Burnaby, Canada-based company has posted sales of $60.4 million and net losses of $34.5 million in the last year.
Ballard also announced on Tuesday that its Chief Financial Officer, Tony Guglielmin, will present at the Sidoti & Company Micro Cap Conference at the Grand Hyatt in New York City on Monday, Jan. 13, 2014 at 10:40 a.m. EST and will speak about Ballard's strategic plans in the fuel cell market. He will also provide updates on the company's financial and business results.
The fuel cell market experienced a surge this week, particularly Plug Power Inc. (PLUG), which continued its upward trajectory with an 18.18% increase to $4.55 a share on Wednesday. But like Ballard, FuelCell Energy Inc. (FCEL) dipped 8.89% to $1.69 a share.
TheStreet Ratings team rates Ballard as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BALLARD POWER SYSTEMS INC (BLDP) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and weak operating cash flow."