Ballard Power Systems Inc. (NASDAQ:BLDP) Short Interest Update

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 13,770,000 shares, a decrease of 5.1% from the October 15th total of 14,510,000 shares. Based on an average trading volume of 3,220,000 shares, the short-interest ratio is currently 4.3 days. Currently, 5.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Toronto Dominion Bank grew its holdings in Ballard Power Systems by 182.8% in the 1st quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock worth $96,000 after acquiring an additional 22,273 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Ballard Power Systems by 4.1% during the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after purchasing an additional 8,549 shares during the period. Tidal Investments LLC purchased a new stake in Ballard Power Systems during the first quarter valued at $39,000. Van ECK Associates Corp grew its position in Ballard Power Systems by 8.8% during the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock valued at $5,224,000 after buying an additional 186,833 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Ballard Power Systems by 84.3% during the second quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock valued at $179,000 after purchasing an additional 36,368 shares during the period. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Wall Street Analysts Forecast Growth

BLDP has been the subject of several analyst reports. BMO Capital Markets dropped their target price on Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Cibc World Mkts downgraded shares of Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. Citigroup decreased their price objective on Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Lake Street Capital lowered their price target on 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. Finally, HSBC lowered Ballard Power Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.78.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $1.33 on Wednesday. The company has a market cap of $398.23 million, a price-to-earnings ratio of -1.21 and a beta of 1.78. 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 business’s 50 day simple moving average is $1.62 and its 200 day simple moving average is $2.14.

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.