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

Van ECK Associates Corp lowered its holdings in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) by 31.6% during the second quarter, HoldingsChannel reports. The firm owned 1,738,171 shares of the technology company’s stock after selling 803,569 shares during the quarter. Van ECK Associates Corp’s holdings in Ballard Power Systems were worth $6,758,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Rockefeller Capital Management L.P. grew its position in shares of Ballard Power Systems by 228.1% in the 4th 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 during the period. Swiss Life Asset Management Ltd bought a new stake in Ballard Power Systems during the 4th quarter worth approximately $26,000. Ground Swell Capital LLC acquired a new stake in Ballard Power Systems during the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. acquired a new stake in Ballard Power Systems during the 4th quarter worth approximately $28,000. Finally, Cetera Investment Advisers bought a new position in Ballard Power Systems in the first quarter valued at approximately $33,000. Institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Stock Performance

NASDAQ:BLDP opened at $2.24 on Thursday. The company has a market cap of $786.44 million, a P/E ratio of -8.62 and a beta of 2.27. Ballard Power Systems, Inc. has a twelve month low of $1.83 and a twelve month high of $6.57. The business has a 50 day moving average price of $2.83 and a two-hundred day moving average price of $3.24. The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted 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 business 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, analysts expect that Ballard Power Systems, Inc. will post -0.17 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. ATB Cormark Capital Markets increased their price objective on shares of 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. BMO Capital Markets boosted their price objective on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th. Raymond James Financial upped their target price on shares of Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday, July 17th. Finally, 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. Two investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $3.50.

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.