Ballard Power Systems Inc. (NASDAQ:BLDP) Sees Large Decline in Short Interest

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 19,900,000 shares, a decline of 11.9% from the June 30th total of 22,590,000 shares. Based on an average trading volume of 2,570,000 shares, the short-interest ratio is presently 7.7 days. Approximately 8.2% of the shares of the stock are sold short.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Ballard Power Systems by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after acquiring an additional 89,643 shares in the last quarter. Virtu Financial LLC bought a new position in Ballard Power Systems in the 4th quarter valued at approximately $192,000. Jump Financial LLC bought a new position in Ballard Power Systems in the 4th quarter valued at approximately $1,086,000. CIBC Asset Management Inc lifted its position in Ballard Power Systems by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock valued at $925,000 after acquiring an additional 7,060 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Ballard Power Systems by 19.8% in the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock valued at $5,936,000 after acquiring an additional 353,098 shares in the last quarter. 28.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BLDP has been the topic of a number of analyst reports. CIBC reduced their price target on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Jefferies Financial Group dropped their target price on Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a report on Wednesday, May 8th. Wells Fargo & Company decreased their price target on Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, May 9th. Truist Financial reiterated a “hold” rating and issued a $3.00 price target (down from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Finally, TD Securities lifted their price target on Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.49.

Ballard Power Systems Stock Down 2.6 %

Shares of BLDP traded down $0.06 during mid-day trading on Monday, reaching $2.24. The company had a trading volume of 2,022,522 shares, compared to its average volume of 2,799,107. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.88 and a current ratio of 11.66. The firm has a 50-day moving average price of $2.62 and a 200 day moving average price of $2.88. Ballard Power Systems has a 52 week low of $2.14 and a 52 week high of $5.11. The company has a market capitalization of $670.68 million, a price-to-earnings ratio of -3.61 and a beta of 1.77.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The company had revenue of $14.50 million during the quarter, compared to the consensus estimate of $17.55 million. Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. On average, sell-side analysts forecast that Ballard Power Systems will post -0.51 EPS for the current year.

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.