Renaissance Technologies LLC Takes Position in Ballard Power Systems, Inc. $BLDP

Renaissance Technologies LLC purchased a new stake in Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) during the first quarter, Holdings Channel reports. The fund purchased 562,894 shares of the technology company’s stock, valued at approximately $1,362,000.

Several other large investors have also recently made changes to their positions in BLDP. BNP Paribas Financial Markets raised its position in Ballard Power Systems by 204.5% in the fourth quarter. BNP Paribas Financial Markets now owns 3,993,972 shares of the technology company’s stock valued at $10,145,000 after purchasing an additional 2,682,355 shares during the period. Invesco Ltd. lifted its stake in Ballard Power Systems by 48.6% during the fourth 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 in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Ballard Power Systems by 117.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 2,720,883 shares of the technology company’s stock worth $4,327,000 after buying an additional 1,467,547 shares during the period. Goldman Sachs Group Inc. boosted 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 buying an additional 829,012 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Ballard Power Systems by 104.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,418,389 shares of the technology company’s stock valued at $3,603,000 after buying an additional 726,188 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BLDP has been the topic of several research analyst reports. HSBC upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price objective on the stock in a report on Monday, August 3rd. National Bank Financial set a $4.75 target price on Ballard Power Systems and gave the company a “sector perform” rating in a research report on Wednesday, June 24th. TD Cowen boosted their price target 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. KeyCorp reissued a “sector weight” rating on shares of Ballard Power Systems in a research report on Tuesday, August 4th. Finally, Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and raised their price objective for the company from $3.00 to $5.00 in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.50.

Ballard Power Systems Trading Up 0.4%

NASDAQ BLDP opened at $2.63 on Friday. Ballard Power Systems, Inc. has a 52 week low of $1.77 and a 52 week high of $6.57. The firm has a 50 day moving average of $3.38 and a two-hundred day moving average of $3.23. The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $792.97 million, a PE ratio of -10.12 and a beta of 2.29.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data 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). The firm had revenue of $20.34 million during the quarter, compared to analyst estimates 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, research analysts expect that Ballard Power Systems, Inc. will post -0.19 EPS for the current fiscal year.

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.