Assenagon Asset Management SA raised its position in shares of Ballard Power Systems Inc. (NASDAQ:BLDP – Get Rating) (TSE:BLD) by 128.5% in the first quarter, according to the company in its latest 13F filing with Securities & Exchange fee. The fund held 63,232 shares of the technology company after buying an additional 35,564 shares during the period. Assenagon Asset Management SA’s holdings in Ballard Power Systems were worth $736,000 when it last filed with the SEC.
Other institutional investors and hedge funds also changed their positions in the company. Zurcher Kantonalbank Zurcher Kantonalbank increased its stake in Ballard Power Systems shares by 24.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 510,089 shares of the technology company worth $5,942,000 after buying an additional 99,149 shares in the last quarter. abrdn plc increased its stake in shares of Ballard Power Systems by 562.8% during the 4th quarter. abrdn plc now owns 274,208 shares of the technology company worth $3,445,000 after buying an additional 232,839 shares in the last quarter. Hilltop Holdings Inc. acquired a new stake in shares of Ballard Power Systems during the 4th quarter at a value of $289,000. Millburn Ridgefield Corp increased its stake in shares of Ballard Power Systems by 238.0% during the 1st quarter. Millburn Ridgefield Corp now owns 4,425 shares of the technology company worth $52,000 after buying 3,116 more shares in the last quarter. Finally, Penserra Capital Management LLC increased its stake in Ballard Power Systems shares by 46.8% during the 4th quarter. Penserra Capital Management LLC now owns 287,451 shares of the technology company worth $3,610,000 after purchasing an additional 91,623 shares in the last quarter. 35.47% of the shares are currently held by institutional investors and hedge funds.
Ballard Power Systems stock performance
Shares of BLDP opened at $6.32 on Monday. The company has a debt ratio of 0.01, a quick ratio of 14.61 and a current ratio of 15.36. Ballard Power Systems Inc. has a one-year low of $5.75 and a one-year high of $19.66. The company’s 50-day simple moving average is $6.79 and its 200-day simple moving average is $9.15. The stock has a market capitalization of $1.88 billion, a price-earnings ratio of -13.74 and a beta of 1.71.
Ballard Power Systems Inc (NASDAQ:BLDP – Get Rating) (TSE:BLD) last released its quarterly results on Monday, May 9. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Ballard Power Systems had a negative return on equity of 10.21% and a negative net margin of 126.91%. The company posted revenue of $21.00 million for the quarter, versus a consensus estimate of $24.88 million. During the same period of the previous year, the company posted an EPS of ($0.06). The company’s revenue for the quarter increased 19.3% year over year. Equity analysts expect Ballard Power Systems Inc. to post earnings per share of -0.53 for the current fiscal year.
Analyst upgrades and downgrades
Several brokerages have recently published reports on BLDP. B. Riley lowered his price target on Ballard Power Systems from $15.00 to $12.00 in a Tuesday, May 10 report. National Bankshares lowered its price target on Ballard Power Systems from $14.00 to $13.00 and set an “outperform” rating for the company in a Tuesday, May 10 report. Piper Sandler began coverage of Ballard Power Systems in a report on Wednesday, June 8. They issued a “sell” rating and a price target of $5.00 for the company. KeyCorp reiterated a “sector weighting” rating on shares of Ballard Power Systems in a Thursday, June 2 report. Finally, Raymond James lowered his price target on Ballard Power Systems from $14.00 to $9.00 and set an “outperform” rating for the company in a Tuesday, May 10 report. Two equity research analysts gave the stock a sell rating, eight issued a hold rating and four gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $12.86.
Ballard Power Systems Company Profile
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Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products. The Company offers its products for the electrical product markets, consisting of heavy-duty motors, such as bus, truck, rail and marine applications; material handling; and backup power.
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