Ballard Power Systems

BLDP • NASDAQ

Ballard Power Systems is a industrial - machinery company in the industrials sector on NASDAQ, led by Randall MacEwen, with a market cap of $818.0M. As of Q3 2025, 25% of shares are held by 134 institutional investors, with LEGAL & GENERAL GROUP PLC as the largest holder at 4.48%.

President and Chief Executive OfficerRandall MacEwen

Market Cap$818.0M

Industrial - Machinery

Industrials

Employees1.2K

Websiteballard.com

Overview

Overview of institutional ownership in BLDP as of Q3 2025 with a market cap of $817.6M

All Institutions

Institutions: 134
Value Held: $203.4M
Shares Held: 74.8M
Avg Position: $1.5M
Median Position: $74.1K

Hedge Funds

Hedge Funds: 13
Value Held: $44.4M
Shares Held: 16.3M
Avg Position: $3.4M
Median Position: $272.6K

Ownership Breakdown

Institutional (non-HF)

19.45%

$159.0M

Hedge Funds

5.43%

$44.4M

Retail & Other

75.12%

$614.2M

Based on market cap of $817.6M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BLDP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
L LEGAL & GENERAL GROUP PLC Institution	-	$36.5M 0.01% of portfolio	4.48% 13.5M shares	Q4 2017 Held for 7y 11m	$445.97B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$17.1M 0.03% of portfolio	2.09% 6.3M shares	Q1 2021 Held for 4y 8m	$62.0B
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$16.4M 0.03% of portfolio	2.01% 6.0M shares	Q4 2023 Held for 1y 11m	$50.0B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$15.4M 0.00% of portfolio	1.89% 5.7M shares	Q2 2018 Held for 7y 5m	$2.88T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$15.2M 0.00% of portfolio	1.86% 5.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$10.7M 0.00% of portfolio	1.31% 3.9M shares	Q3 2018 Held for 7y 2m	$691.34B
UBS Group AG Institution	Sergio P. Ermotti CEO	$9.3M 0.00% of portfolio	1.14% 3.4M shares	Q4 2014 Held for 10y 11m	$511.54B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$9.1M 0.00% of portfolio	1.11% 3.3M shares	Q3 2013 Held for 12y 2m	$633.08B
G GREAT WEST LIFE ASSURANCE CO /CAN/ Institution	-	$7.5M 0.01% of portfolio	0.92% 2.8M shares	Q4 2017 Held for 7y 11m	$69.2B
R ROYAL BANK OF CANADA Institution	-	$7.2M 0.00% of portfolio	0.88% 2.7M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B

Net Capital Flow

Institutional buying and selling activity for BLDP in Q3 2025

Traded: +$6.3M
Buyers: 57
Sellers: 53
Total Bought: +$31.3M
Total Sold: −$25.0M
Avg Position: $1.4M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$7.8M +2.9M shares	$15.2M 5.6M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$2.7M +1.0M shares	$3.6M 1.3M shares
R ROYAL BANK OF CANADA Institution	+$2.1M +783.7K shares	$7.2M 2.7M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$1.9M +714.6K shares	$6.4M 2.3M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$1.8M +657.1K shares	$17.1M 6.3M shares
Z Zurcher Kantonalbank Institution	+$1.4M +524.4K shares	$3.9M 1.5M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$1.4M +522.2K shares	$3.1M 1.1M shares
Walleye Trading LLC RIA/Wealth	+$1.4M +520.8K shares	$1.4M 521.1K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$1.4M +519.8K shares	$16.4M 6.0M shares
H Headlands Technologies LLC Institution	+$953.6K +350.6K shares	$1.1M 421.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	−$5.2M −1.9M shares	$4.6M 1.7M shares
GOLDMAN SACHS GROUP INC Institution	−$3.4M −1.3M shares	$10.7M 3.9M shares
D D. E. Shaw & Co., Inc. Institution	−$2.6M −957.5K shares	$2.3M 835.8K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$2.1M −755.0K shares	$2.5M 912.3K shares
UBS Group AG Institution	−$2.0M −733.3K shares	$9.3M 3.4M shares
J JANE STREET GROUP, LLC Institution	−$2.0M −729.2K shares	$1.7M 613.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$1.3M −472.6K shares	$5.6M 2.1M shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	−$1.1M −417.5K shares	$272.6K 100.2K shares
BRUNI J V & CO /CO RIA/Wealth	−$1.0M −384.0K shares	$551.5K 202.8K shares
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	−$640.0K −402.5K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BLDP in Q3 2025

New Positions: 10
New Value: $1.1M
Exited Positions: 12
Exited Value: $1.5M

New Positions

Institution	Position Value
Counterpoint Mutual Funds LLC ETF Provider	$500.1K 183.9K shares
B BENJAMIN EDWARDS INC Institution	$447.1K 164.4K shares
B Belvedere Trading LLC Institution	$80.2K 21.3K shares
Sigma Planning Corp RIA/Wealth	$41.3K 15.2K shares
W WHITE BAY PT LLC Institution	$7.0K 2.6K shares
Clayton Financial Group LLC RIA/Wealth	$2.3K 852.0 shares
A AMERIFLEX GROUP, INC. Institution	$811.0 298.0 shares
Groupe la Francaise Fund of Funds	$673.0 400.0 shares
FINANCIAL CONSULATE, INC RIA/Wealth	$272.0 100.0 shares
Triumph Capital Management RIA/Wealth	$136.0 50.0 shares

Exited Positions

Institution	Previous Position
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	$640.0K 402.5K shares
Mirae Asset Global Investments Co., Ltd. Long Only Manager	$613.2K 385.6K shares
Engineers Gate Manager LP Hedge Fund•Quant	$83.5K 52.5K shares
ARDSLEY ADVISORY PARTNERS Hedge Fund•Long/Short	$79.5K 50.0K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$35.0K 22.0K shares
Endowment Wealth Management, Inc. RIA/Wealth	$17.3K 10.9K shares
S SHELL ASSET MANAGEMENT CO Institution	$14.9K 9.4K shares
G Global X Japan Co., Ltd. Institution	$11.1K 7.0K shares
Sherman Asset Management, Inc. RIA/Wealth	$477.0 300.0 shares
S Skandinaviska Enskilda Banken AB Institution	$343.0 215.0 shares

Options Activity

Institutions with the largest Call and Put options positions in BLDP as of Q3 2025

Call Positions: 8
Call Value: $7.5M
Put Positions: 5
Put Value: $977.3K

Call Positions

Institution	Position Value
P PEAK6 LLC Institution	$5.6M 20.6K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$949.3K 3.5K contracts
S SIG North Trading, ULC Institution	$410.2K 1.5K contracts
W WOLVERINE TRADING, LLC Institution	$152.9K 558.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$147.7K 543.0 contracts
B Belvedere Trading LLC Institution	$135.4K 500.0 contracts
J JANE STREET GROUP, LLC Institution	$56.6K 208.0 contracts
Walleye Trading LLC RIA/Wealth	$1.6K 6.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$383.2K 1.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$180.1K 662.0 contracts
Walleye Trading LLC RIA/Wealth	$178.2K 655.0 contracts
S SIG North Trading, ULC Institution	$160.8K 591.0 contracts
W WOLVERINE TRADING, LLC Institution	$75.1K 274.0 contracts

Most Committed Institutions

Institutions with BLDP as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M MYDA Advisors LLC Hedge Fund•Long/Short	Jason Marc Lieber Managing Partner	0.20% $598.4K	0.07% 220.0K shares	Q3 2025 Held for 2 months	$305.2M
H Headlands Technologies LLC Institution	-	0.09% $1.1M	0.14% 421.6K shares	Q4 2023 Held for 1y 11m	$1.3B
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	David Khabie-Zeitoune CEO	0.08% $925.3K	0.11% 340.2K shares	Q1 2025 Held for 8 months	$1.1B
F Freemont Management S.A. Institution	-	0.07% $81.6K	0.01% 30.0K shares	Q2 2021 Held for 4y 5m	$125.1M
BRUNI J V & CO /CO RIA/Wealth	John Roy Brock President	0.06% $551.5K	0.07% 202.8K shares	Q4 2020 Held for 4y 11m	$990.7M
V Virtu Financial LLC Institution	-	0.05% $746.4K	0.09% 274.4K shares	Q3 2024 Held for 1y 2m	$1.6B
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	0.04% $112.9K	0.01% 41.5K shares	Q3 2016 Held for 9y 2m	$282.7M
Counterpoint Mutual Funds LLC ETF Provider	Daniel Wendell Krause Managing Partner	0.04% $500.1K	0.06% 183.9K shares	Q3 2025 Held for 2 months	$1.3B
Scientech Research LLC Hedge Fund•Market Neutral	Rui Wei Managing Partner	0.03% $95.8K	0.01% 35.2K shares	Q2 2025 Held for 5 months	$283.5M
First Affirmative Financial Network RIA/Wealth	George Richard Gay CEO	0.03% $70.8K	0.01% 26.0K shares	Q1 2025 Held for 8 months	$210.1M

Hedge Fund Spotlight

Discover hedge funds investing in BLDP

TWO SIGMA INVESTMENTS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerScott David Hoffman

Portfolio Value: $62.0B
Positions: 3,252
Last Reported: Q3 2025

Sector Allocation

Position in Ballard Power Systems

Market Value: $17.1M
Shares Held: 6.3M
Portfolio Weight: 0.03%
Owned Since: 2021-Q1

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$680.4M	1.10%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$582.6M	0.94%
3 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$489.6M	0.79%