CANADA LIFE ASSURANCE Co Boosts Holdings in Ballard Power Systems Inc. (NASDAQ:BLDP)

CANADA LIFE ASSURANCE Co lifted its stake in Ballard Power Systems Inc. (NASDAQ:BLDP - Free Report) TSE: BLD by 19.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,524,180 shares of the technology company's stock after buying an additional 252,524 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.51% of Ballard Power Systems worth $2,529,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BLDP. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Ballard Power Systems by 71.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,020,801 shares of the technology company's stock worth $1,695,000 after purchasing an additional 425,374 shares during the last quarter. Geode Capital Management LLC grew its stake in Ballard Power Systems by 51.0% during the 3rd quarter. Geode Capital Management LLC now owns 432,805 shares of the technology company's stock worth $779,000 after buying an additional 146,104 shares during the last quarter. Van ECK Associates Corp grew its stake in Ballard Power Systems by 35.4% during the 4th quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company's stock worth $4,094,000 after buying an additional 644,861 shares during the last quarter. XTX Topco Ltd increased its position in Ballard Power Systems by 494.0% during the fourth quarter. XTX Topco Ltd now owns 523,941 shares of the technology company's stock worth $870,000 after buying an additional 435,729 shares during the period. Finally, Portolan Capital Management LLC purchased a new stake in Ballard Power Systems in the fourth quarter valued at approximately $2,508,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

Shares of BLDP stock traded down $0.01 during midday trading on Wednesday, reaching $1.22. 5,526,201 shares of the company traded hands, compared to its average volume of 5,496,727. The firm's 50 day simple moving average is $1.21 and its two-hundred day simple moving average is $1.42. The firm has a market cap of $365.31 million, a PE ratio of -1.11 and a beta of 1.84. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19. Ballard Power Systems Inc. has a 1-year low of $1.00 and a 1-year high of $3.34.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Citigroup reiterated a "sell" rating and issued a $1.00 price target (down previously from $1.50) on shares of Ballard Power Systems in a research report on Thursday, April 17th. Roth Mkm dropped their price target on Ballard Power Systems from $1.75 to $1.25 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Susquehanna decreased their price objective on Ballard Power Systems from $1.40 to $1.30 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company set a $1.00 target price on Ballard Power Systems in a report on Thursday, March 13th. Finally, National Bankshares decreased their price target on Ballard Power Systems from $2.60 to $2.00 and set a "sector perform" rating for the company in a report on Friday, March 14th. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.08.

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.