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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 20,490,000 shares, a drop of 5.0% from the May 31st total of 21,570,000 shares. Approximately 8.5% of the shares of the company are sold short. Based on an average trading volume of 2,790,000 shares, the days-to-cover ratio is presently 7.3 days.

Ballard Power Systems Stock Performance

Shares of NASDAQ:BLDP opened at $2.17 on Wednesday. The company has a quick ratio of 10.88, a current ratio of 11.66 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a 1-year low of $2.14 and a 1-year high of $5.11. The firm’s 50 day simple moving average is $2.78 and its two-hundred day simple moving average is $3.04.

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

Institutional Investors Weigh In On Ballard Power Systems

Several large investors have recently bought and sold shares of the business. Public Sector Pension Investment Board increased its position in Ballard Power Systems by 0.9% in the third quarter. Public Sector Pension Investment Board now owns 542,101 shares of the technology company’s stock worth $2,005,000 after purchasing an additional 4,677 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Ballard Power Systems by 2.9% during the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock worth $925,000 after buying an additional 7,060 shares during the period. Headlands Technologies LLC purchased a new position in Ballard Power Systems during the fourth quarter worth $31,000. BNP Paribas Financial Markets boosted its stake in Ballard Power Systems by 4.1% during the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock worth $600,000 after buying an additional 8,549 shares during the period. Finally, FNY Investment Advisers LLC boosted its stake in Ballard Power Systems by 5,000.0% during the fourth quarter. FNY Investment Advisers LLC now owns 10,200 shares of the technology company’s stock worth $37,000 after buying an additional 10,000 shares during the period. Institutional investors own 28.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BLDP shares. Truist Financial reaffirmed a “hold” rating and set a $3.00 price target (down previously from $3.50) on shares of Ballard Power Systems in a report on Wednesday, May 8th. National Bankshares dropped their price objective on shares of Ballard Power Systems from $4.50 to $4.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 8th. Jefferies Financial Group dropped their price objective on shares of Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating on the stock in a report on Wednesday, May 8th. CIBC dropped their price objective on shares of Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Finally, Piper Sandler dropped their price objective on shares of Ballard Power Systems from $3.00 to $2.30 and set an “underweight” rating on the stock in a report on Wednesday, March 13th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Ballard Power Systems presently has a consensus rating of “Hold” and a consensus target price of $3.49.

Ballard Power Systems Company 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.