Short Interest in Ballard Power Systems Inc. (NASDAQ:BLDP) Declines By 13.9%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a significant decline in short interest in the month of August. As of August 15th, there was short interest totalling 17,390,000 shares, a decline of 13.9% from the July 31st total of 20,200,000 shares. Currently, 7.1% of the company’s stock are short sold. Based on an average daily trading volume, of 2,540,000 shares, the short-interest ratio is currently 6.8 days.

Wall Street Analyst Weigh In

A number of research analysts have commented on BLDP shares. Jefferies Financial Group lowered their target price on Ballard Power Systems from $3.25 to $2.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. BMO Capital Markets lowered their target price on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. HSBC lowered their target price on Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Truist Financial decreased their price target on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Finally, Raymond James decreased their price target on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, August 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Endowment Wealth Management Inc. bought a new stake in shares of Ballard Power Systems in the first quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in Ballard Power Systems during the fourth quarter worth about $31,000. Tidal Investments LLC bought a new stake in Ballard Power Systems during the first quarter worth about $39,000. Scientech Research LLC bought a new stake in Ballard Power Systems during the second quarter worth about $52,000. Finally, Daiwa Securities Group Inc. raised its holdings in Ballard Power Systems by 149.7% during the second quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock worth $54,000 after acquiring an additional 14,415 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Price Performance

NASDAQ BLDP traded down $0.03 during trading hours on Monday, reaching $1.84. 2,281,500 shares of the company’s stock were exchanged, compared to its average volume of 2,786,004. The stock has a market cap of $550.91 million, a PE ratio of -2.97 and a beta of 1.78. Ballard Power Systems has a one year low of $1.77 and a one year high of $4.34. The firm has a fifty day moving average of $2.15 and a 200-day moving average of $2.65. The company has a current ratio of 10.90, a quick ratio of 10.05 and a debt-to-equity ratio of 0.03.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings data 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 firm 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 business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company earned ($0.10) EPS. On average, equities research analysts predict that Ballard Power Systems will post -0.48 earnings per share for the current fiscal 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.