It’s good time to be a fuel cell maker and Ballard Power (NASDAQ:BLDP) stock is having a ball again.
After hitting a low back in 2016, the industry is in the throes of a bona fide upswing. New technology is being developed and shipped, revenue is increasing, earnings per share are jumping and stocks are percolating. These are giddy times.
The shares of the Canadian company Ballard Power achieved an incredible break on Thursday. The value climbed by over 7% in one go. A comeback the likes of which the company hadn’t seen for a long time. The share is on the way to announcing a new price target.
BLDP stock price history and prediction
In the past few weeks, Ballard Power had basically no longer promised an excursion over the limit of $17 euros. Most recently, a corresponding increase was achieved in mid-October, starting from $13 euros in autumn. However, the share was no longer able to even begin to defend the rise.
As a result, the price slipped back to almost $12.5 euros, which was no longer considered possible. This created another support that can be identified as a comeback platform. The value is now heading to at least $19 according to the classic chart image without any new obstacle.
The chance of a swift and sustainable outbreak is great. Because if it succeeds in targeting the $19.00 euro mark, Ballard Power shares would at the same time reach the highest price since July 9, 2020 – and at the same time mark a new 15-year high. Based on this, at least $22 euros as the next target price would be possible with a high degree of certainty, at least from a technical chart perspective.
The winds of change
Investors have returned to the small-cap clean energy sector for a couple of reasons. First, they remain transfixed by technology; investors are piling into anything “clean tech”, the fastest-growing area of the economy. Second, small-cap clean techs, like small caps in general, can sport earnings growth rates that outpace their large-cap brethren. People want to own technology and right now, I don’t see that changing.