Van ECK Associates Corp Raises Stock Position in Ballard Power Systems Inc. (NASDAQ:BLDP)

Van ECK Associates Corp increased its holdings in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) by 19.8% in the 1st quarter, according to the company in its most recent Form 13F 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 owned approximately 0.71% of Ballard Power Systems worth $5,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ballard Power Systems by 11.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after buying an additional 89,643 shares in the last quarter. Virtu Financial LLC purchased a new position in Ballard Power Systems in the fourth quarter valued at $192,000. Jump Financial LLC purchased a new position in Ballard Power Systems in the fourth quarter valued at $1,086,000. CIBC Asset Management Inc increased its holdings in Ballard Power Systems by 2.9% in the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock valued at $925,000 after buying an additional 7,060 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Ballard Power Systems by 1.7% during the third quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after purchasing an additional 148,321 shares in the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Analysts Set New Price Targets

BLDP has been the subject of a number of research reports. Jefferies Financial Group cut their target price on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating for the company in a research note on Wednesday, May 8th. HSBC cut their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating for the company in a research note on Wednesday, May 8th. National Bankshares cut their target price on shares of Ballard Power Systems from $4.50 to $4.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 8th. Wells Fargo & Company lowered their price target on shares of Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating on the stock in a research report on Thursday, May 9th. Finally, Truist Financial restated a “hold” rating and set a $3.00 price target (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.49.

Ballard Power Systems Trading Up 2.2 %

Shares of Ballard Power Systems stock traded up $0.05 on Friday, reaching $2.34. The company had a trading volume of 1,207,585 shares, compared to its average volume of 2,812,729. The firm’s 50 day moving average price is $2.77 and its two-hundred day moving average price is $3.03. The firm has a market cap of $700.57 million, a PE ratio of -3.76 and a beta of 1.77. Ballard Power Systems Inc. has a 52-week low of $2.14 and a 52-week high of $5.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.88 and a current ratio of 11.66.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released 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 analysts’ expectations of $17.55 million. Ballard Power Systems had a negative net margin of 177.82% and a negative return on equity of 15.37%. Ballard Power Systems’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. Sell-side analysts predict that Ballard Power Systems Inc. will post -0.51 earnings per share for the current fiscal year.

Ballard Power Systems Profile

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.