Ballard Power Systems Inc. (NASDAQ:BLDP) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its position in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) by 19.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,134,949 shares of the technology company’s stock after purchasing an additional 353,098 shares during the period. Van ECK Associates Corp’s holdings in Ballard Power Systems were worth $5,936,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BLDP. Public Sector Pension Investment Board boosted its stake in shares of Ballard Power Systems by 0.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 542,101 shares of the technology company’s stock worth $2,005,000 after purchasing an additional 4,677 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Ballard Power Systems by 1.7% in the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after acquiring an additional 148,321 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ballard Power Systems in the fourth quarter worth approximately $373,000. FNY Investment Advisers LLC boosted its position in shares of Ballard Power Systems by 5,000.0% in the fourth quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock worth $37,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Ballard Power Systems by 116.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 35,861 shares of the technology company’s stock worth $133,000 after acquiring an additional 19,284 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Stock Up 2.2 %

Shares of BLDP traded up $0.05 during mid-day trading on Friday, reaching $2.34. 1,207,585 shares of the stock traded hands, compared to its average volume of 2,812,729. The firm has a market cap of $700.57 million, a price-to-earnings ratio of -3.76 and a beta of 1.77. The stock has a fifty day simple moving average of $2.77 and a 200 day simple moving average of $3.03. Ballard Power Systems Inc. has a 12-month low of $2.14 and a 12-month high of $5.11. The company has a quick ratio of 10.88, a current ratio of 11.66 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The company had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 million. Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) EPS. Sell-side analysts expect that Ballard Power Systems Inc. will post -0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BLDP has been the topic of several research analyst reports. Raymond James decreased their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 13th. TD Securities raised their target price on shares of Ballard Power Systems from $2.50 to $2.75 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Piper Sandler reduced their price target on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a research report on Wednesday, March 13th. HSBC reduced their price target on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group reduced their price target on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a research report on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Ballard Power Systems has a consensus rating of “Hold” and a consensus price target of $3.49.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.