Ballard Power Systems Inc. (NASDAQ:BLDP) Shares Sold by State Street Corp

State Street Corp lowered its stake in Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,734,624 shares of the technology company’s stock after selling 140,472 shares during the quarter. State Street Corp owned about 0.91% of Ballard Power Systems worth $4,922,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Van ECK Associates Corp lifted its holdings in shares of Ballard Power Systems by 8.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after acquiring an additional 186,833 shares during the last quarter. TD Asset Management Inc raised its position in Ballard Power Systems by 1.2% in the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock valued at $1,599,000 after purchasing an additional 8,154 shares during the period. Daiwa Securities Group Inc. lifted its stake in Ballard Power Systems by 149.7% during the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after purchasing an additional 14,415 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Ballard Power Systems by 76.6% during the second quarter. Hsbc Holdings PLC now owns 116,616 shares of the technology company’s stock worth $263,000 after buying an additional 50,592 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Ballard Power Systems in the second quarter valued at $154,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Stock Performance

Shares of Ballard Power Systems stock opened at $1.69 on Monday. The company has a quick ratio of 8.19, a current ratio of 9.01 and a debt-to-equity ratio of 0.03. Ballard Power Systems Inc. has a 52 week low of $1.23 and a 52 week high of $3.83. The firm’s 50 day moving average is $1.52 and its two-hundred day moving average is $1.84. The firm has a market capitalization of $506.02 million, a P/E ratio of -1.54 and a beta of 1.72.

Analyst Ratings Changes

BLDP has been the subject of a number of research analyst reports. Cormark restated a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Hsbc Global Res lowered shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Citigroup cut their target price on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. StockNews.com raised shares of Ballard Power Systems to a “sell” rating in a research report on Friday, November 1st. Finally, HSBC lowered Ballard Power Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus 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.