Ballard Power Systems Inc. (NASDAQ:BLDP) Stock Position Lowered by Legal & General Group Plc

Legal & General Group Plc lessened its position in shares of Ballard Power Systems Inc. (NASDAQ:BLDP - Free Report) TSE: BLD by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,104,692 shares of the technology company's stock after selling 1,550,929 shares during the period. Legal & General Group Plc owned about 2.04% of Ballard Power Systems worth $10,145,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BLDP. Invesco Ltd. boosted its holdings in shares of Ballard Power Systems by 5.6% during the fourth quarter. Invesco Ltd. now owns 3,598,416 shares of the technology company's stock valued at $5,973,000 after acquiring an additional 191,582 shares during the period. Aristides Capital LLC acquired a new stake in shares of Ballard Power Systems in the fourth quarter valued at approximately $217,000. Headlands Technologies LLC bought a new stake in shares of Ballard Power Systems during the fourth quarter valued at approximately $52,000. National Bank of Canada FI boosted its position in shares of Ballard Power Systems by 14.7% during the fourth quarter. National Bank of Canada FI now owns 72,342 shares of the technology company's stock worth $120,000 after buying an additional 9,287 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ballard Power Systems by 71.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,020,801 shares of the technology company's stock worth $1,695,000 after buying an additional 425,374 shares in the last quarter. Institutional investors and hedge funds own 28.02% of the company's stock.

Ballard Power Systems Trading Up 4.9 %

Shares of NASDAQ BLDP traded up $0.06 during mid-day trading on Wednesday, hitting $1.18. 1,077,783 shares of the company traded hands, compared to its average volume of 5,427,036. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. Ballard Power Systems Inc. has a 1 year low of $1.00 and a 1 year high of $3.34. The stock has a market capitalization of $351.84 million, a price-to-earnings ratio of -1.07 and a beta of 1.84. The business has a 50 day moving average of $1.24 and a two-hundred day moving average of $1.44.

Analyst Ratings Changes

Several analysts have weighed in on BLDP shares. Citigroup reaffirmed a "sell" rating and set a $1.00 target price (down previously from $1.50) on shares of Ballard Power Systems in a research note on Thursday, April 17th. Roth Mkm decreased their target price on shares of Ballard Power Systems from $1.75 to $1.25 and set a "neutral" rating for the company in a research report on Friday, March 14th. HSBC dropped their price target on shares of Ballard Power Systems from $1.90 to $1.40 and set a "hold" rating on the stock in a research report on Friday, March 14th. TD Cowen upgraded shares of Ballard Power Systems to a "strong sell" rating in a report on Monday, January 13th. Finally, Susquehanna lowered their price objective on shares of Ballard Power Systems from $1.40 to $1.30 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Ballard Power Systems has a consensus rating of "Hold" and an average target price of $2.08.

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.