Millennium Management LLC Purchases 1,177,718 Shares of Ballard Power Systems Inc. (NASDAQ:BLDP)

Millennium Management LLC raised its holdings in Ballard Power Systems Inc. (NASDAQ:BLDP - Free Report) TSE: BLD by 79.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,652,624 shares of the technology company's stock after purchasing an additional 1,177,718 shares during the period. Millennium Management LLC owned 0.89% of Ballard Power Systems worth $4,404,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Ballard Power Systems by 71.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,020,801 shares of the technology company's stock valued at $1,695,000 after acquiring an additional 425,374 shares in the last quarter. Van ECK Associates Corp boosted its stake in Ballard Power Systems by 35.4% in the fourth quarter. Van ECK Associates Corp now owns 2,466,084 shares of the technology company's stock valued at $4,094,000 after acquiring an additional 644,861 shares during the period. Raymond James Financial Inc. acquired a new stake in Ballard Power Systems in the fourth quarter worth $27,000. XTX Topco Ltd lifted its position in Ballard Power Systems by 494.0% in the 4th quarter. XTX Topco Ltd now owns 523,941 shares of the technology company's stock valued at $870,000 after purchasing an additional 435,729 shares during the last quarter. Finally, Portolan Capital Management LLC bought a new stake in shares of Ballard Power Systems during the fourth quarter valued at approximately $2,508,000. Hedge funds and other institutional investors own 28.02% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on BLDP shares. Citigroup restated a "sell" rating and issued a $1.00 price objective (down previously from $1.50) on shares of Ballard Power Systems in a report on Thursday, April 17th. Wells Fargo & Company set a $1.00 price target on Ballard Power Systems in a research report on Thursday, March 13th. Raymond James cut their price objective on Ballard Power Systems from $2.50 to $2.00 and set a "market perform" rating for the company in a research report on Friday, March 14th. BMO Capital Markets decreased their target price on Ballard Power Systems from $1.30 to $1.20 and set an "underperform" rating for the company in a research note on Friday, March 14th. Finally, National Bankshares reduced their price objective on Ballard Power Systems from $2.60 to $2.00 and set a "sector perform" rating for the company in a research report on Friday, March 14th. Seven research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $2.09.

Ballard Power Systems Price Performance

Shares of BLDP stock traded up $0.02 during trading hours on Tuesday, reaching $1.30. 7,670,485 shares of the company were exchanged, compared to its average volume of 6,024,757. Ballard Power Systems Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $3.02. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19. The stock's fifty day moving average is $1.24 and its two-hundred day moving average is $1.39. The company has a market cap of $389.78 million, a price-to-earnings ratio of -1.18 and a beta of 1.68.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. Ballard Power Systems had a negative return on equity of 19.96% and a negative net margin of 357.78%. The company had revenue of $14.76 million for the quarter, compared to analyst estimates of $16.82 million. Sell-side analysts forecast that Ballard Power Systems Inc. will post -0.54 earnings per share for the current fiscal year.

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.