Legal & General Group Plc Invests $28.14 Million in Ballard Power Systems, Inc. $BLDP

Key Points

• Legal & General Group acquired 7.22 million Ballard Power Systems shares worth approximately $28.14 million, representing about 2.4% of the company. Institutional investors collectively own 28.02% of Ballard.
• Ballard reported weaker-than-expected quarterly results, with a loss of $0.07 per share versus the $0.04 consensus estimate and revenue of $20.34 million, below expectations of $25.24 million.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and an average price target of $3.50, despite some recent upgrades to “Buy.”

Legal & General Group Plc purchased a new position in Ballard Power Systems, Inc. (NASDAQ:BLDP - Free Report) TSE: BLD during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,221,949 shares of the technology company's stock, valued at approximately $28,144,000. Legal & General Group Plc owned about 2.40% of Ballard Power Systems as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in BLDP. BNP Paribas Financial Markets grew its position in shares of Ballard Power Systems by 204.5% during the 4th quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company's stock valued at $10,145,000 after acquiring an additional 2,682,355 shares during the period. Invesco Ltd. raised its holdings in shares of Ballard Power Systems by 48.6% in the 4th quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company's stock worth $12,621,000 after purchasing an additional 1,625,542 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Ballard Power Systems by 117.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company's stock worth $4,327,000 after purchasing an additional 1,467,547 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Ballard Power Systems in the second quarter valued at approximately $3,392,000. Finally, Goldman Sachs Group Inc. lifted its stake in Ballard Power Systems by 20.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company's stock valued at $5,408,000 after purchasing an additional 829,012 shares during the last quarter. Institutional investors own 28.02% of the company's stock.

Ballard Power Systems Price Performance

BLDP stock opened at $2.25 on Friday. The firm has a 50 day moving average of $2.94 and a 200-day moving average of $3.23. The firm has a market capitalization of $678.40 million, a P/E ratio of -8.65 and a beta of 2.29. Ballard Power Systems, Inc. has a 12 month low of $1.83 and a 12 month high of $6.57. The company has a current ratio of 11.19, a quick ratio of 10.36 and a debt-to-equity ratio of 0.03.

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

Analyst Ratings Changes

BLDP has been the subject of several research reports. HSBC upgraded Ballard Power Systems from a "hold" rating to a "buy" rating and set a $3.60 price target for the company in a research note on Monday, August 3rd. Lake Street Capital raised shares of Ballard Power Systems from a "hold" rating to a "buy" rating and upped their price objective for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. ATB Cormark Capital Markets increased their target price on shares of Ballard Power Systems from $3.50 to $4.30 and gave the stock a "sector perform" rating in a research report on Wednesday, May 6th. TD Cowen lifted their target price on shares of Ballard Power Systems from $2.50 to $4.25 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. Finally, Zacks Research lowered shares of Ballard Power Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Two research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Ballard Power Systems currently has a consensus rating of "Reduce" and an average target price of $3.50.

About Ballard Power Systems

Ballard Power Systems NASDAQ: BLDP is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.

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