Man Group plc Buys Shares of 1,190,069 Ballard Power Systems, Inc. $BLDP

Man Group plc purchased a new position in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) during the second quarter, Holdings Channel.com reports. The fund purchased 1,190,069 shares of the technology company’s stock, valued at approximately $4,629,000.

Other hedge funds have also made changes to their positions in the company. Legal & General Group Plc purchased a new position in shares of Ballard Power Systems in the second quarter valued at approximately $28,144,000. BNP Paribas Financial Markets increased its stake in Ballard Power Systems by 204.5% during the 4th quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock worth $10,145,000 after buying an additional 2,682,355 shares during the period. Invesco Ltd. increased its stake in Ballard Power Systems by 48.6% during the 4th quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock worth $12,621,000 after buying an additional 1,625,542 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in Ballard Power Systems by 117.1% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company’s stock worth $4,327,000 after buying an additional 1,467,547 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Ballard Power Systems during the 2nd quarter worth approximately $3,392,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Zacks Research cut shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Wall Street Zen lowered Ballard Power Systems from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday, July 17th. National Bank Financial set a $4.75 target price on Ballard Power Systems and gave the stock a “sector perform” rating in a research note on Wednesday, June 24th. Finally, Susquehanna lowered their target price on Ballard Power Systems from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Ballard Power Systems presently has an average rating of “Reduce” and an average price target of $3.50.

Ballard Power Systems Price Performance

Shares of Ballard Power Systems stock opened at $2.25 on Monday. Ballard Power Systems, Inc. has a 52-week low of $1.83 and a 52-week high of $6.57. The company has a 50 day moving average of $2.94 and a 200 day moving average of $3.23. The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $678.39 million, a P/E ratio of -8.65 and a beta of 2.29.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings results on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%.The firm had revenue of $20.34 million for the quarter, compared to analyst estimates of $25.24 million. As a group, research analysts forecast that Ballard Power Systems, Inc. will post -0.17 EPS for the current fiscal year.

Ballard Power Systems Company Profile

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.