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Wednesday Afternoon’s Notable Losers: Ballard Power Systems Inc. (USA) (BLDP), Enphase Energy Inc (ENPH), Vedanta Ltd (ADR) (VEDL)

Amid lower investor sentiment throughout all major sectors, the shares of Ballard Power Systems Inc. (USA) (NASDAQ:BLDP), Enphase Energy Inc (NASDAQ:ENPH), and Vedanta Ltd (ADR) (NYSE:VEDL) had particularly volatile trading sessions and slumping shares.  Enphase Energy Inc was the biggest loser among them, dropping a meaty 18.10% of its share value during the day’s session.

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Let’s start with Ballard Power Systems Inc. (USA) (NASDAQ:BLDP), the shares of which continued their downward movement, which was set in motion on July 1 after the company announced an underwritten offering of common shares. The fuel cell manufacturer offered 9.34 million common shares through an underwritten offering with gross proceeds of approximately $15 million, including an option to purchase 15% additional shares for the underwriters. Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) is expecting net proceeds of $13.6 million from the offering after deducting operating expenses, underwriting expenses, and other discounts. The shares of the fuel cell company have declined 33.66% year-to-date, closing at $1.36 at the end of the day’s regular trading session. Jim Simons’ Renaissance Technologies is among the primary investors of the power company, owning 299,700 shares valued at $625,000.

At Insider Monkey, we track hedge funds’ moves in order to identify actionable patterns and profit from them. Our research has shown that hedge funds’ large-cap stock picks historically delivered a monthly alpha of six basis points, though these stocks underperformed the S&P 500 Total Return Index by an average of seven basis points per month between 1999 and 2012. On the other hand, the 15 most popular small-cap stocks among hedge funds outperformed the S&P 500 Index by an average of 95 basis points per month (read the details here). Since the official launch of our small-cap strategy in August 2012, it has performed just as predicted, returning over 135% and beating the market by more than 80 percentage points. We believe the data is clear: investors will be better off by focusing on small-cap stocks utilizing hedge fund expertise rather than large-cap stocks.

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