Van ECK Associates Corp Sells 803,569 Shares of Ballard Power Systems, Inc. $BLDP

Key Points

• Van ECK Associates cut its Ballard Power Systems stake by 31.6% in the second quarter, selling 803,569 shares. It retained 1.74 million shares valued at approximately $6.76 million, representing about 0.58% of the company.
• Analyst sentiment remains cautious: Ballard has a consensus rating of “Reduce” and an average price target of $3.50, despite HSBC upgrading the stock to “buy.”
• Ballard reported a quarterly loss of $0.07 per share and revenue of $20.34 million, both worse than analyst expectations. The company continues to post negative profitability metrics, including a net margin of -72.78%.

Van ECK Associates Corp decreased its position in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP - Free Report) TSE: BLD by 31.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,738,171 shares of the technology company's stock after selling 803,569 shares during the quarter. Van ECK Associates Corp owned approximately 0.58% of Ballard Power Systems worth $6,758,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in Ballard Power Systems by 228.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock worth $25,000 after purchasing an additional 6,952 shares during the last quarter. Swiss Life Asset Management Ltd bought a new position in shares of Ballard Power Systems in the 4th quarter valued at about $26,000. Ground Swell Capital LLC acquired a new stake in shares of Ballard Power Systems during the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. acquired a new stake in shares of Ballard Power Systems during the 4th quarter worth approximately $28,000. Finally, Cetera Investment Advisers bought a new stake in shares of Ballard Power Systems during the first quarter worth approximately $33,000. 28.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BLDP shares. Raymond James Financial increased their price objective on shares of Ballard Power Systems from $2.40 to $4.00 and gave the company a "market perform" rating in a report on Wednesday, May 6th. 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. BMO Capital Markets increased their price target on Ballard Power Systems from $1.70 to $2.10 and gave the company an "underperform" rating in a research note on Wednesday, May 6th. ATB Cormark Capital Markets raised their price target on 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. Finally, HSBC raised Ballard Power Systems from a "hold" rating to a "buy" rating and set a $3.60 price objective for the company in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems currently has a consensus rating of "Reduce" and a consensus target price of $3.50.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $2.24 on Thursday. The company's 50 day simple moving average is $2.83 and its 200 day simple moving average is $3.24. Ballard Power Systems, Inc. has a fifty-two week low of $1.83 and a fifty-two week high of $6.57. The firm has a market capitalization of $786.44 million, a price-to-earnings ratio of -8.62 and a beta of 2.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36.

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) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The firm had revenue of $20.34 million during the quarter, compared to the consensus estimate of $25.24 million. Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. As a group, sell-side analysts anticipate that Ballard Power Systems, Inc. will post -0.17 EPS for the current year.

Ballard Power Systems 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.

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