Garden State Investment Advisory Services LLC Buys New Shares in Ballard Power Systems Inc. (NASDAQ:BLDP)

Garden State Investment Advisory Services LLC purchased a new stake in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 66,000 shares of the technology company’s stock, valued at approximately $119,000.

A number of other institutional investors have also recently added to or reduced their stakes in BLDP. First Commonwealth Financial Corp PA purchased a new stake in Ballard Power Systems during the third quarter valued at about $27,000. Tidal Investments LLC purchased a new stake in Ballard Power Systems during the first quarter valued at about $39,000. Scientech Research LLC purchased a new stake in Ballard Power Systems during the second quarter valued at about $52,000. Daiwa Securities Group Inc. grew its position 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 valued at $54,000 after acquiring an additional 14,415 shares during the period. Finally, MQS Management LLC purchased a new stake in Ballard Power Systems during the second quarter valued at about $79,000. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Stock Performance

NASDAQ:BLDP opened at $1.53 on Tuesday. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03. Ballard Power Systems Inc. has a one year low of $1.23 and a one year high of $4.02. The business’s 50-day simple moving average is $1.55 and its 200 day simple moving average is $2.03.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BLDP. National Bankshares lowered their price target on Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. BMO Capital Markets decreased their target price on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. CIBC decreased their target price on Ballard Power Systems from $1.60 to $1.40 and set an “underperformer” rating for the company in a research report on Wednesday, November 6th. Cibc World Mkts downgraded Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. Finally, Lake Street Capital decreased their target price on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Six 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 MarketBeat, Ballard Power Systems currently has an average rating of “Hold” and a consensus target price of $2.78.

Ballard Power Systems Profile

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.