Ballard Power Systems Inc. (NASDAQ:BLDP) Stake Lowered by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in shares of Ballard Power Systems Inc. (NASDAQ:BLDP - Free Report) TSE: BLD by 21.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,821,223 shares of the technology company's stock after selling 500,559 shares during the period. Van ECK Associates Corp owned about 0.61% of Ballard Power Systems worth $3,278,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in Ballard Power Systems by 4.1% in the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company's stock worth $600,000 after purchasing an additional 8,549 shares in the last quarter. Endowment Wealth Management Inc. acquired a new position in Ballard Power Systems in the first quarter worth about $28,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Ballard Power Systems by 7.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company's stock worth $1,572,000 after purchasing an additional 38,662 shares in the last quarter. Toronto Dominion Bank grew its stake in Ballard Power Systems by 182.8% in the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company's stock worth $96,000 after purchasing an additional 22,273 shares in the last quarter. Finally, Westwood Holdings Group Inc. acquired a new position in Ballard Power Systems in the first quarter worth about $59,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

Ballard Power Systems stock traded up $0.01 during mid-day trading on Friday, hitting $1.35. The company's stock had a trading volume of 3,384,938 shares, compared to its average volume of 3,818,230. The company has a quick ratio of 10.05, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $404.22 million, a P/E ratio of -1.23 and a beta of 1.78. Ballard Power Systems Inc. has a twelve month low of $1.27 and a twelve month high of $4.02. The stock's fifty day moving average price is $1.67 and its two-hundred day moving average price is $2.20.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative net margin of 357.78% and a negative return on equity of 19.96%. The firm's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) earnings per share. Research analysts forecast that Ballard Power Systems Inc. will post -0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BLDP shares. Raymond James decreased their target price on Ballard Power Systems from $4.00 to $3.00 and set a "market perform" rating for the company in a research note on Wednesday, August 14th. Susquehanna decreased their target price on Ballard Power Systems from $2.00 to $1.50 and set a "neutral" rating for the company in a research note on Wednesday, October 16th. CIBC decreased their target price on Ballard Power Systems from $1.60 to $1.40 and set an "underperformer" rating for the company in a research note on Wednesday. Lake Street Capital decreased their target price on Ballard Power Systems from $15.00 to $10.00 and set a "buy" rating for the company in a research note on Tuesday, August 13th. Finally, Citigroup decreased their target price on Ballard Power Systems from $3.50 to $2.00 and set a "neutral" rating for the company in a research note on Monday, September 30th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $2.78.

Ballard Power Systems Company 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.