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

Legal & General Group Plc bought a new position in Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 7,221,949 shares of the technology company’s stock, valued at approximately $28,144,000.

Other institutional investors have also added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its position in Ballard Power Systems by 228.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock valued at $25,000 after purchasing an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new position in shares of Ballard Power Systems during the 4th quarter valued at about $26,000. Ground Swell Capital LLC bought a new stake in Ballard Power Systems in the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. purchased a new stake in Ballard Power Systems in the fourth quarter worth approximately $28,000. Finally, Cetera Investment Advisers purchased a new stake in Ballard Power Systems in the first quarter worth approximately $33,000. Institutional investors own 28.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BLDP shares. ATB Cormark Capital Markets lifted their price target 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. Zacks Research cut Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $3.00 to $5.00 in a report on Tuesday, May 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Friday, July 17th. Finally, Raymond James Financial increased their target price on Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ballard Power Systems has an average rating of “Reduce” and a consensus target price of $3.50.

Ballard Power Systems Trading Down 3.8%

Shares of BLDP opened at $2.25 on Friday. The stock has a market capitalization of $678.40 million, a P/E ratio of -8.65 and a beta of 2.29. 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 firm has a fifty day simple moving average of $2.94 and a two-hundred day simple moving average of $3.23. Ballard Power Systems, Inc. has a twelve month low of $1.83 and a twelve month high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings data on Friday, July 31st. The technology company reported ($0.07) earnings per share (EPS) 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 analysts’ expectations of $25.24 million. Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. On average, research analysts anticipate that Ballard Power Systems, Inc. will post -0.17 EPS for the current year.

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.