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

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

Analysts Set New Price Targets

Several research firms have recently weighed in on BLDP. Citigroup cut their target price on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday. CIBC reaffirmed an “underperformer” rating and issued a $1.60 price objective (down previously from $3.50) on shares of Ballard Power Systems in a research report on Tuesday, August 13th. Truist Financial cut their price objective on Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group cut their price objective 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. Finally, TD Securities downgraded Ballard Power Systems from a “hold” rating to a “sell” rating and cut their price objective for the company from $2.50 to $1.50 in a research report on Monday, August 12th. Five equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.01.

Institutional Trading of Ballard Power Systems

Several hedge funds have recently modified their holdings of the business. Endowment Wealth Management Inc. purchased a new position in Ballard Power Systems in the 1st quarter valued at approximately $28,000. Tidal Investments LLC purchased a new position in Ballard Power Systems in the 1st quarter valued at approximately $39,000. Scientech Research LLC purchased a new position in Ballard Power Systems in the 2nd quarter valued at approximately $52,000. Daiwa Securities Group Inc. increased its stake in 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 purchasing an additional 14,415 shares in the last quarter. Finally, Westwood Holdings Group Inc. purchased a new position in Ballard Power Systems in the 1st quarter valued at approximately $59,000. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Trading Down 2.2 %

BLDP opened at $1.76 on Wednesday. Ballard Power Systems has a one year low of $1.61 and a one year high of $4.02. The company has a market cap of $526.96 million, a P/E ratio of -2.84 and a beta of 1.78. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90. The business’s 50-day simple moving average is $1.87 and its 200-day simple moving average is $2.44.

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