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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 20,490,000 shares, a decrease of 5.0% from the May 31st total of 21,570,000 shares. Currently, 8.5% of the shares of the company are short sold. Based on an average daily volume of 2,790,000 shares, the days-to-cover ratio is presently 7.3 days.

Institutional Trading of Ballard Power Systems

Several hedge funds have recently modified their holdings of BLDP. Van ECK Associates Corp raised its holdings in shares of Ballard Power Systems by 19.8% during the 1st quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after acquiring an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Ballard Power Systems by 18.2% during the 4th quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock worth $7,732,000 after acquiring an additional 321,624 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Ballard Power Systems during the 4th quarter worth approximately $1,086,000. Rafferty Asset Management LLC raised its holdings in shares of Ballard Power Systems by 49.5% during the 4th quarter. Rafferty Asset Management LLC now owns 714,153 shares of the technology company’s stock worth $2,642,000 after acquiring an additional 236,449 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Ballard Power Systems by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock worth $33,476,000 after acquiring an additional 148,321 shares in the last quarter. 28.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on BLDP shares. TD Securities upped their price target on shares of Ballard Power Systems from $2.50 to $2.75 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Wells Fargo & Company cut their price objective on Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating for the company in a research note on Thursday, May 9th. Raymond James cut their price objective on Ballard Power Systems from $4.50 to $4.00 and set a “market perform” rating for the company in a research note on Wednesday, March 13th. Truist Financial reiterated a “hold” rating and set a $3.00 price objective (down from $3.50) on shares of Ballard Power Systems in a research note on Wednesday, May 8th. Finally, CIBC cut their price objective on Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.49.

Ballard Power Systems Price Performance

BLDP stock opened at $2.17 on Wednesday. Ballard Power Systems has a 1-year low of $2.14 and a 1-year high of $5.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.88 and a current ratio of 11.66. The business has a 50 day simple moving average of $2.78 and a two-hundred day simple moving average of $3.04.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $14.50 million for the quarter, compared to analysts’ expectations of $17.55 million. Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the company earned ($0.11) earnings per share. As a group, equities analysts anticipate that Ballard Power Systems will post -0.51 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.