Mitsubishi UFJ Asset Management Co. Ltd. Makes New $3.39 Million Investment in Ballard Power Systems, Inc. $BLDP

Key Points

• Mitsubishi UFJ Asset Management acquired 872,044 Ballard Power Systems shares worth approximately $3.39 million, representing about 0.29% of the company.
• Several major institutions also increased their BLDP holdings, including BNP Paribas, Invesco, Canada Life, Goldman Sachs and JPMorgan; institutional investors collectively own 28.02% of the stock.
• Ballard reported quarterly revenue of $20.34 million and an adjusted loss of $0.07 per share, missing analyst estimates. The stock opened at $2.40, while analysts maintain a consensus “Hold” rating with a $3.50 target price.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ballard Power Systems, Inc. (NASDAQ:BLDP - Free Report) TSE: BLD in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 872,044 shares of the technology company's stock, valued at approximately $3,392,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.29% of Ballard Power Systems as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in BLDP. BNP Paribas Financial Markets increased its position in Ballard Power Systems by 204.5% during the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company's stock worth $10,145,000 after buying an additional 2,682,355 shares during the period. Invesco Ltd. boosted its holdings in shares of Ballard Power Systems by 48.6% in the fourth quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company's stock valued at $12,621,000 after acquiring an additional 1,625,542 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Ballard Power Systems by 117.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company's stock valued at $4,327,000 after acquiring an additional 1,467,547 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Ballard Power Systems by 20.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,916,541 shares of the technology company's stock worth $5,408,000 after acquiring an additional 829,012 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Ballard Power Systems by 104.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,418,389 shares of the technology company's stock worth $3,603,000 after acquiring an additional 726,188 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $2.40 on Friday. The company has a market cap of $723.62 million, a P/E ratio of -9.23 and a beta of 2.29. Ballard Power Systems, Inc. has a one year low of $1.83 and a one year high of $6.57. The business has a fifty day moving average of $3.13 and a two-hundred day moving average of $3.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.36 and a current ratio of 11.19.

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

Analysts Set New Price Targets

Several research firms recently commented on BLDP. BMO Capital Markets upped their price target on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an "underperform" rating in a research report on Wednesday, May 6th. Susquehanna lowered 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 research report on Monday, August 10th. KeyCorp reaffirmed a "sector weight" rating on shares of Ballard Power Systems in a report on Tuesday, August 4th. 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 note on Wednesday, May 6th. Finally, Raymond James Financial raised their price target on Ballard Power Systems from $2.40 to $4.00 and gave the stock a "market perform" rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Ballard Power Systems currently has a consensus rating of "Hold" and a consensus target price of $3.50.

Ballard Power Systems Company Profile

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.

Want to see what other hedge funds are holding BLDP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ballard Power Systems, Inc. (NASDAQ:BLDP - Free Report) TSE: BLD.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source