Renaissance Technologies LLC Invests $1.36 Million in Ballard Power Systems, Inc. $BLDP

Renaissance Technologies LLC purchased a new position in shares of Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 562,894 shares of the technology company’s stock, valued at approximately $1,362,000. Renaissance Technologies LLC owned approximately 0.19% of Ballard Power Systems as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Ballard Power Systems by 29.1% in the 1st quarter. Royal Bank of Canada now owns 692,662 shares of the technology company’s stock valued at $761,000 after purchasing an additional 156,014 shares in the last quarter. Amundi boosted its stake in 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 purchasing an additional 9,454 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Ballard Power Systems by 20.3% during the first 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 grew its holdings in shares of Ballard Power Systems by 56.2% during the first 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. raised its position in shares of Ballard Power Systems by 604.4% in the second quarter. JPMorgan Chase & Co. now owns 476,247 shares of the technology company’s stock valued at $757,000 after buying an additional 408,641 shares during the last quarter. 28.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. ATB Cormark Capital Markets raised their price target on shares of Ballard Power Systems from $3.50 to $4.30 and gave the stock a “sector perform” rating in a research note on Wednesday, May 6th. HSBC raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price objective for the company in a research note on Monday, August 3rd. Raymond James Financial increased their price objective on shares of Ballard Power Systems from $2.40 to $4.00 and gave the company a “market perform” rating in a report on Wednesday, May 6th. Lake Street Capital raised shares of Ballard Power Systems from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.00 to $5.00 in a research note on Tuesday, May 5th. Finally, Wall Street Zen cut Ballard Power Systems from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.50.

Ballard Power Systems Trading Up 0.4%

Shares of Ballard Power Systems stock opened at $2.63 on Friday. The stock has a 50 day moving average of $3.38 and a 200 day moving average of $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. The firm has a market capitalization of $792.97 million, a price-to-earnings ratio of -10.12 and a beta of 2.29. Ballard Power Systems, Inc. has a fifty-two week low of $1.77 and a fifty-two week high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its earnings results on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. The business had revenue of $20.34 million during the quarter, compared to analysts’ expectations of $25.24 million. As a group, research analysts predict that Ballard Power Systems, Inc. will post -0.19 earnings per share for the current year.

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.