First Commonwealth Financial Corp PA Makes New Investment in Ballard Power Systems Inc. (NASDAQ:BLDP)

First Commonwealth Financial Corp PA purchased a new stake in shares of Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 14,881 shares of the technology company’s stock, valued at approximately $27,000.

A number of other hedge funds have also recently modified their holdings of the company. Tidal Investments LLC purchased a new position in Ballard Power Systems during the first quarter worth about $39,000. Van ECK Associates Corp raised its position in shares of Ballard Power Systems by 8.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock valued at $5,224,000 after buying an additional 186,833 shares during the period. SG Americas Securities LLC lifted its holdings in Ballard Power Systems by 84.3% in the second quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock valued at $179,000 after acquiring an additional 36,368 shares during the last quarter. Decade Renewable Partners LP purchased a new position in Ballard Power Systems in the second quarter worth approximately $450,000. Finally, TD Asset Management Inc increased 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 worth $1,599,000 after acquiring an additional 8,154 shares during the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Price Performance

Shares of NASDAQ BLDP opened at $1.47 on Thursday. The business’s fifty day simple moving average is $1.56 and its 200-day simple moving average is $2.07. Ballard Power Systems Inc. has a 12-month low of $1.23 and a 12-month high of $4.02. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company decreased their price target on Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 13th. Susquehanna decreased their target price on shares of Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, October 16th. BMO Capital Markets dropped their price target on shares of 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. TD Securities downgraded shares of Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their price target for the company from $2.50 to $1.50 in a research note on Monday, August 12th. Finally, HSBC cut shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.78.

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.