Short Interest in Ballard Power Systems Inc. (NASDAQ:BLDP) Decreases By 5.1%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 13,770,000 shares, a decline of 5.1% from the October 15th total of 14,510,000 shares. Currently, 5.6% of the company’s shares are sold short. Based on an average daily trading volume, of 3,220,000 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Commonwealth Financial Corp PA acquired a new stake in shares of Ballard Power Systems during the third quarter worth about $27,000. Tidal Investments LLC purchased a new stake in Ballard Power Systems in the 1st quarter valued at $39,000. Toronto Dominion Bank increased its position in Ballard Power Systems by 300.0% in the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock valued at $50,000 after acquiring an additional 20,949 shares during the period. Scientech Research LLC acquired a new stake in shares of Ballard Power Systems in the 2nd quarter worth $52,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Ballard Power Systems by 149.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after buying an additional 14,415 shares during the period. 28.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BLDP. Lake Street Capital reduced their target price on shares of Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. HSBC lowered shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Truist Financial lowered their target price on shares of 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. Wells Fargo & Company dropped their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 13th. Finally, Hsbc Global Res lowered Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Ballard Power Systems has an average rating of “Hold” and a consensus price target of $2.78.

Ballard Power Systems Stock Down 1.5 %

Shares of NASDAQ:BLDP opened at $1.33 on Wednesday. The business has a 50-day moving average price of $1.62 and a 200 day moving average price of $2.14. Ballard Power Systems has a 12-month low of $1.23 and a 12-month high of $4.02. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $398.23 million, a price-to-earnings ratio of -1.21 and a beta of 1.78.

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.