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 significant drop in short interest in February. As of February 15th, there was short interest totalling 15,420,000 shares, a drop of 12.6% from the January 31st total of 17,640,000 shares. Based on an average daily trading volume, of 8,840,000 shares, the short-interest ratio is currently 1.7 days. Currently, 6.3% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BLDP. CIBC decreased their price target on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. TD Cowen raised shares of Ballard Power Systems to a “strong sell” rating in a research note on Monday, January 13th. Seven 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.77.

Institutional Investors Weigh In On Ballard Power Systems

A number of institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI increased its position in shares of Ballard Power Systems by 14.7% during the fourth quarter. National Bank of Canada FI now owns 72,342 shares of the technology company’s stock valued at $120,000 after acquiring an additional 9,287 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Ballard Power Systems by 35.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,798 shares of the technology company’s stock valued at $68,000 after acquiring an additional 10,767 shares during the last quarter. Banque Cantonale Vaudoise increased its position in shares of Ballard Power Systems by 7.7% during the third quarter. Banque Cantonale Vaudoise now owns 190,433 shares of the technology company’s stock valued at $343,000 after acquiring an additional 13,639 shares during the last quarter. First Commonwealth Financial Corp PA acquired a new stake in shares of Ballard Power Systems during the third quarter valued at about $27,000. Finally, Itau Unibanco Holding S.A. increased its position in shares of Ballard Power Systems by 44.1% during the fourth quarter. Itau Unibanco Holding S.A. now owns 49,511 shares of the technology company’s stock valued at $82,000 after acquiring an additional 15,160 shares during the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

Shares of BLDP opened at $1.21 on Friday. Ballard Power Systems has a 1-year low of $1.08 and a 1-year high of $3.38. The stock has a market cap of $362.32 million, a PE ratio of -1.10 and a beta of 1.69. The firm has a 50-day simple moving average of $1.49 and a two-hundred day simple moving average of $1.58. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19.

Ballard Power Systems Company Profile

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.