Short Interest in Ballard Power Systems, Inc. (NASDAQ:BLDP) Declines By 35.7%

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 16,558,574 shares, a decrease of 35.7% from the July 15th total of 25,762,152 shares. Based on an average daily trading volume, of 7,656,436 shares, the short-interest ratio is currently 2.2 days. Currently, 5.5% of the shares of the company are short sold.

Wall Street Analyst Weigh In

BLDP has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of Ballard Power Systems from $1.70 to $2.10 and gave the stock an “underperform” rating in a research note on Wednesday, May 6th. Zacks Research raised Ballard Power Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. TD Cowen lifted their target price on Ballard Power Systems from $2.50 to $4.25 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Susquehanna cut their price target on Ballard Power Systems from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Monday, August 10th. Finally, HSBC upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price target for the company in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Ballard Power Systems currently has an average rating of “Hold” and an average price target of $3.50.

Hedge Funds Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. raised its stake in Ballard Power Systems by 10.9% in the first quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company’s stock worth $123,000 after buying an additional 5,000 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock valued at $25,000 after acquiring an additional 6,952 shares during the period. Amundi raised its position in shares of Ballard Power Systems by 16.1% in the 1st quarter. Amundi now owns 68,140 shares of the technology company’s stock worth $74,000 after acquiring an additional 9,454 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Ballard Power Systems by 27.7% during the 4th quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company’s stock worth $118,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Swiss Life Asset Management Ltd purchased a new stake in shares of Ballard Power Systems during the 4th quarter worth $26,000. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Price Performance

BLDP stock traded down $0.12 during trading on Tuesday, reaching $2.48. The company’s stock had a trading volume of 1,529,435 shares, compared to its average volume of 5,808,531. The company has a quick ratio of 10.36, a current ratio of 11.19 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average is $3.29 and its 200-day moving average is $3.23. The company has a market capitalization of $746.24 million, a P/E ratio of -9.52 and a beta of 2.29. Ballard Power Systems has a 1 year low of $1.82 and a 1 year high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its earnings results on Friday, July 31st. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%.The business had revenue of $20.34 million for the quarter, compared to analysts’ expectations of $25.24 million. On average, research analysts expect that Ballard Power Systems will post -0.19 earnings per share for the current fiscal year.

Ballard Power Systems Company Profile

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.