Geode Capital Management LLC Raises Position in Ballard Power Systems Inc. (NASDAQ:BLDP)

Geode Capital Management LLC grew its holdings in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) by 51.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 432,805 shares of the technology company’s stock after buying an additional 146,104 shares during the period. Geode Capital Management LLC owned 0.14% of Ballard Power Systems worth $779,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jane Street Group LLC grew its holdings in Ballard Power Systems by 137.6% in the third quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock worth $2,008,000 after purchasing an additional 646,219 shares during the period. XTX Topco Ltd grew its stake in shares of Ballard Power Systems by 29.0% in the 3rd quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock worth $159,000 after buying an additional 19,856 shares during the last quarter. Decade Renewable Partners LP bought a new position in Ballard Power Systems during the 2nd quarter valued at approximately $450,000. TD Asset Management Inc raised its stake in Ballard Power Systems by 1.2% during the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after buying an additional 8,154 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Ballard Power Systems by 76.6% in the second quarter. Hsbc Holdings PLC now owns 116,616 shares of the technology company’s stock worth $263,000 after acquiring an additional 50,592 shares in the last quarter. 28.02% of the stock is owned by hedge funds and other institutional investors.

Ballard Power Systems Stock Down 1.1 %

Shares of BLDP stock opened at $1.75 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19. Ballard Power Systems Inc. has a one year low of $1.23 and a one year high of $3.66. The company’s fifty day moving average price is $1.56 and its 200-day moving average price is $1.80. The company has a market capitalization of $523.99 million, a price-to-earnings ratio of -1.59 and a beta of 1.67.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BLDP. Citigroup reduced their price target on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 30th. StockNews.com upgraded Ballard Power Systems to a “sell” rating in a research note on Friday, November 1st. CIBC lowered their price objective on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research report on Wednesday, December 4th. Cormark reaffirmed a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Finally, Susquehanna lowered their target price on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Ballard Power Systems currently has an average rating of “Hold” and an average price target of $2.77.

About Ballard Power Systems

Ballard Power Systems Inc engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications.