Ballard Power Systems Inc. (NASDAQ:BLDP) Short Interest Update

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw a significant increase in short interest in 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. Approximately 7.8% of the company’s shares are short sold. Based on an average daily volume of 2,670,000 shares, the days-to-cover ratio is presently 7.2 days.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BLDP. Raymond James reduced their target price on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, August 14th. Cibc World Mkts downgraded shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. Wells Fargo & Company reduced 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 report on Tuesday, August 13th. Lake Street Capital lowered their target price on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, Truist Financial cut their target price on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Ballard Power Systems has an average rating of “Hold” and an average target price of $3.01.

Ballard Power Systems Stock Performance

BLDP stock traded down $0.04 during trading hours on Tuesday, reaching $1.76. The stock had a trading volume of 53,670 shares, compared to its average volume of 2,790,554. The stock has a 50-day simple moving average of $1.88 and a 200 day simple moving average of $2.45. Ballard Power Systems has a fifty-two week low of $1.61 and a fifty-two week high of $4.02. The stock has a market capitalization of $528.16 million, a PE ratio of -2.90 and a beta of 1.78. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.90 and a quick ratio of 10.05.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its earnings results on Monday, August 12th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $16.00 million during the quarter, compared to the consensus estimate of $19.36 million. Ballard Power Systems had a negative net margin of 177.95% and a negative return on equity of 16.20%. Ballard Power Systems’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted ($0.10) EPS. Analysts predict that Ballard Power Systems will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 3Chopt Investment Partners LLC acquired a new stake in shares of Ballard Power Systems during the 2nd quarter worth about $219,000. Susquehanna Fundamental Investments LLC bought a new position in Ballard Power Systems in the 2nd quarter valued at about $204,000. Scientech Research LLC acquired a new stake in Ballard Power Systems during the second quarter worth approximately $52,000. Decade Renewable Partners LP bought a new stake in shares of Ballard Power Systems during the second quarter worth approximately $450,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Ballard Power Systems during the second quarter worth approximately $91,000. 28.02% of the stock is currently owned by institutional investors.

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.