872,044 Shares in Ballard Power Systems, Inc. $BLDP Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 872,044 shares of the technology company’s stock, valued at approximately $3,392,000.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Ballard Power Systems by 29.1% in the first quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after buying an additional 156,014 shares in the last quarter. Amundi raised its stake in shares of Ballard Power Systems by 16.1% during the 1st quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after buying an additional 9,454 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Ballard Power Systems by 20.3% in the 1st 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 in the last quarter. Jane Street Group LLC boosted its position in shares of Ballard Power Systems by 56.2% in the 1st quarter. Jane Street Group LLC now owns 1,485,948 shares of the technology company’s stock worth $1,635,000 after buying an additional 534,834 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Ballard Power Systems by 604.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock valued at $757,000 after acquiring an additional 408,641 shares during the last quarter. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

Ballard Power Systems Stock Performance

NASDAQ:BLDP opened at $2.40 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.19 and a quick ratio of 10.36. The firm has a market cap of $723.62 million, a PE ratio of -9.23 and a beta of 2.29. The firm has a 50 day simple moving average of $3.13 and a 200-day simple moving average of $3.22. Ballard Power Systems, Inc. has a 1-year low of $1.83 and a 1-year high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its earnings results 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 for the quarter, compared to analyst estimates of $25.24 million. Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. On average, equities analysts expect that Ballard Power Systems, Inc. will post -0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a research report on Friday, July 17th. Lake Street Capital upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and increased their price target for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. National Bank Financial set a $4.75 price objective on shares of Ballard Power Systems and gave the stock a “sector perform” rating in a research note on Wednesday, June 24th. BMO Capital Markets raised their price objective on shares of Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research note on Wednesday, May 6th. Finally, ATB Cormark Capital Markets increased their target price on Ballard Power Systems from $3.50 to $4.30 and gave the company a “sector perform” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.