NEW YORK (TheStreet) -- Ballard Power Systems (BLDP) dropped 5.04% to $5.09, down 27 cents from its previous close of $5.36, at the close of the trading day on Thursday in sympathy with peer company Plug Power (PLUG), which priced a registered offering of 3,902,440 shares of common stock at $5.74 a share.
Plug Power anticipates gross proceeds of approximately $22.4 million from the public offering and net proceeds of approximately $21.5 million. The company intends to use the net proceeds from the sale for working capital and other general corporate purchases such as capital expenditures.
Ballard Power Systems amassed a volume of 12,976,293, nearly triple its average volume of 4,789,580. It hit a high of $5.35 and a low of $4.94 for the day. The stock had risen along with Plug Power's surge throughout the week after the latter company's announced deal with Wal-Mart (WMT).
TheStreet Ratings team rates BALLARD POWER SYSTEMS INC 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 multiple weaknesses, 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. Among the areas we feel are negative, one of the most important has been weak operating cash flow."