Cibc World Market Inc. Takes Position in Ballard Power Systems, Inc. $BLDP

Cibc World Market Inc. bought 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 SEC. The institutional investor bought 348,431 shares of the technology company’s stock, valued at approximately $1,357,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Farringdon Capital Ltd. acquired a new stake in Ballard Power Systems in the 2nd quarter valued at $41,000. Freemont Management S.A. acquired a new position in Ballard Power Systems during the second quarter worth $117,000. Bruni J V & Co. Co. purchased a new position in Ballard Power Systems during the second quarter valued at $504,992,000. BlackRock Inc. purchased a new position in Ballard Power Systems during the second quarter valued at $331,000. Finally, Deutsche Bank AG acquired a new stake in shares of Ballard Power Systems in the second quarter valued at about $260,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. HSBC raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 target price for the company in a research note on Monday, August 3rd. Wall Street Zen cut Ballard Power Systems from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. BMO Capital Markets boosted their price objective on Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research note on Wednesday, May 6th. National Bank Financial set a $4.75 target price on Ballard Power Systems and gave the company a “sector perform” rating in a report on Wednesday, June 24th. Finally, Lake Street Capital raised Ballard Power Systems from a “hold” rating to a “buy” rating and increased their target price for the company from $3.00 to $5.00 in a report on Tuesday, May 5th. Two research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $3.50.

Ballard Power Systems Stock Performance

NASDAQ BLDP opened at $2.34 on Friday. The stock’s fifty day moving average is $2.98 and its two-hundred day moving average is $3.23. The firm has a market capitalization of $705.53 million, a P/E ratio of -9.00 and a beta of 2.29. 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 fifty-two week low of $1.83 and a fifty-two week high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued 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). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%.The company had revenue of $20.34 million during the quarter, compared to analyst estimates of $25.24 million. On average, research analysts anticipate that Ballard Power Systems, Inc. will post -0.17 earnings per share for the current 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.