Man Group plc Buys Shares of 1,190,069 Ballard Power Systems, Inc. $BLDP

Man Group plc purchased a new position in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,190,069 shares of the technology company’s stock, valued at approximately $4,629,000. Man Group plc owned 0.39% of Ballard Power Systems as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Legal & General Group Plc purchased a new position in Ballard Power Systems during the second quarter worth about $28,144,000. BNP Paribas Financial Markets grew its stake in shares of Ballard Power Systems by 204.5% in 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 buying an additional 2,682,355 shares during the period. Invesco Ltd. grew its stake 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 valued at $12,621,000 after buying an additional 1,625,542 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Ballard Power Systems by 117.1% during the 2nd 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 last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ballard Power Systems during the 2nd quarter worth approximately $3,392,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Stock Performance

Shares of BLDP stock opened at $2.25 on Monday. The firm’s 50 day moving average price is $2.94 and its 200-day moving average price is $3.23. 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, Inc. has a one year low of $1.83 and a one year high of $6.57. The firm has a market cap of $678.39 million, a P/E ratio of -8.65 and a beta of 2.29.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Friday, July 31st. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company 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, equities research analysts predict that Ballard Power Systems, Inc. will post -0.17 EPS for the current year.

Wall Street Analyst Weigh In

BLDP has been the topic of a number of recent analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Ballard Power Systems in a report on Tuesday, August 4th. TD Cowen raised their target price on Ballard Power Systems from $2.50 to $4.25 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. HSBC raised Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target on the stock in a research note on Monday, August 3rd. Finally, Susquehanna cut their price objective on Ballard Power Systems from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Two equities 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 company’s stock. Based on data from MarketBeat.com, Ballard Power Systems currently has an average rating of “Reduce” and an average price target 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.