830,551 Shares in Ballard Power Systems, Inc. $BLDP Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 830,551 Ballard Power Systems shares in the second quarter, valued at approximately $3.23 million and representing about 0.28% of the company. Institutional investors collectively own 28.02% of Ballard.
• Ballard’s latest quarterly results missed expectations, with a loss of $0.07 per share versus the estimated $0.04 loss and revenue of $20.34 million versus the $25.24 million consensus.
• The stock opened at $2.10, near its one-year low, while analyst sentiment remains cautious: the consensus rating is “Reduce” with a target price of $3.50.

Bank of America Corp DE purchased a new stake in Ballard Power Systems, Inc. (NASDAQ:BLDP - Free Report) TSE: BLD in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 830,551 shares of the technology company's stock, valued at approximately $3,231,000. Bank of America Corp DE owned about 0.28% of Ballard Power Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Man Group plc acquired a new position in Ballard Power Systems in the 2nd quarter valued at about $4,629,000. Hsbc Holdings PLC purchased a new stake in Ballard Power Systems in the second quarter valued at $992,000. Manatuck Hill Partners LLC purchased a new stake in Ballard Power Systems in the second quarter valued at $161,000. Legal & General Group Plc acquired a new position in shares of Ballard Power Systems in the 2nd quarter valued at $28,144,000. Finally, Cibc World Market Inc. acquired a new position in shares of Ballard Power Systems in the 2nd quarter valued at $1,357,000. Institutional investors and hedge funds own 28.02% of the company's stock.

Ballard Power Systems Stock Up 1.9%

Ballard Power Systems stock opened at $2.10 on Wednesday. The stock has a market cap of $737.29 million, a PE ratio of -8.08 and a beta of 2.26. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36. The stock's fifty day moving average is $2.43 and its two-hundred day moving average is $3.25. Ballard Power Systems, Inc. has a 1-year low of $1.92 and a 1-year high of $6.57.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its earnings results on Friday, July 31st. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The business had revenue of $20.34 million for the quarter, compared to analyst estimates of $25.24 million. Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. On average, sell-side analysts expect that Ballard Power Systems, Inc. will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BLDP has been the topic of a number of recent analyst reports. KeyCorp reaffirmed a "sector weight" rating on shares of Ballard Power Systems in a research report on Tuesday, August 4th. Wall Street Zen cut shares of Ballard Power Systems from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Susquehanna decreased their price objective on shares of Ballard Power Systems from $3.50 to $3.00 and set a "neutral" rating on the stock in a report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ballard Power Systems in a research report on Friday, July 17th. Finally, National Bank Financial set a $4.75 price objective on shares of Ballard Power Systems and gave the stock a "sector perform" rating in a research report on Wednesday, June 24th. 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 data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $3.50.

Ballard Power Systems Profile

Ballard Power Systems Inc develops and manufactures proton exchange membrane (PEM) fuel cell products and systems. Its technology converts hydrogen and oxygen into electricity, with water and heat as byproducts, offering an alternative to conventional power systems for applications that require low-emission operation.

The company focuses primarily on heavy-duty mobility markets, including transit buses, commercial trucks, trains, and marine vessels. Ballard also supplies fuel cell products for stationary power applications and provides related engineering, integration, service, and support capabilities.

Founded in 1979 and headquartered in Vancouver, British Columbia, Ballard serves customers and partners in North America, Europe, Asia, and other international markets.

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