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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 19,110,000 shares, an increase of 6.3% from the August 31st total of 17,970,000 shares. Currently, 7.8% of the company’s shares are sold short. Based on an average daily volume of 2,670,000 shares, the short-interest ratio is presently 7.2 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 13th. Truist Financial dropped their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Jefferies Financial Group reduced their price target on Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. CIBC reiterated an “underperformer” rating and issued a $1.60 price objective (down previously from $3.50) on shares of Ballard Power Systems in a report on Tuesday, August 13th. Finally, Cibc World Mkts cut Ballard Power Systems from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.01.

Hedge Funds Weigh In On Ballard Power Systems

A number of large investors have recently bought and sold shares of BLDP. CIBC Asset Management Inc raised its holdings in shares of Ballard Power Systems by 2.9% in the fourth quarter. CIBC Asset Management Inc now owns 248,887 shares of the technology company’s stock valued at $925,000 after purchasing an additional 7,060 shares during the last quarter. TD Asset Management Inc lifted its position in Ballard Power Systems by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock worth $1,599,000 after buying an additional 8,154 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Ballard Power Systems by 4.1% during the 1st 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 last quarter. Endowment Wealth Management Inc. bought a new position in shares of Ballard Power Systems in the 1st quarter valued at about $28,000. Finally, Tidal Investments LLC acquired a new stake in shares of Ballard Power Systems in the first quarter valued at about $39,000. Institutional investors and hedge funds own 28.02% of the company’s stock.

Ballard Power Systems Stock Down 3.0 %

BLDP traded down $0.06 during trading on Monday, hitting $1.79. The company had a trading volume of 2,130,239 shares, compared to its average volume of 2,800,666. The company has a market capitalization of $534.45 million, a PE ratio of -2.88 and a beta of 1.78. The company has a quick ratio of 10.05, a current ratio of 10.90 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a one year low of $1.61 and a one year high of $4.02. The firm’s 50-day moving average price is $1.89 and its 200 day moving average price is $2.45.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings results on Monday, August 12th. The technology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $16.00 million for the quarter, compared to analyst estimates of $19.36 million. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. As a group, equities analysts expect that Ballard Power Systems will post -0.48 earnings per share 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.