Short Interest in Ballard Power Systems, Inc. (NASDAQ:BLDP) Decreases By 35.7%

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 16,558,574 shares, a decline of 35.7% from the July 15th total of 25,762,152 shares. Based on an average trading volume of 7,656,436 shares, the short-interest ratio is presently 2.2 days. Approximately 5.5% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. HSBC upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and set a $3.60 price objective for the company in a research report on Monday, August 3rd. Wall Street Zen cut shares of Ballard Power Systems from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. BMO Capital Markets boosted their target price on shares of Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research note on Wednesday, May 6th. Lake Street Capital upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $5.00 in a research report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Ballard Power Systems currently has an average rating of “Hold” and an average price target of $3.50.

Ballard Power Systems Price Performance

BLDP stock traded up $0.03 during trading on Wednesday, hitting $2.50. The company had a trading volume of 1,214,460 shares, compared to its average volume of 5,791,433. The business has a 50 day moving average of $3.24 and a 200 day moving average of $3.23. The firm has a market capitalization of $752.26 million, a price-to-earnings ratio of -9.62 and a beta of 2.29. The company has a current ratio of 11.19, a quick ratio of 10.36 and a debt-to-equity ratio of 0.03. Ballard Power Systems has a fifty-two week low of $1.82 and a fifty-two week high of $6.57.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its earnings results on Friday, July 31st. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $20.34 million for the quarter, compared to analyst estimates of $25.24 million. Ballard Power Systems had a negative net margin of 72.78% and a negative return on equity of 13.23%. As a group, research analysts predict that Ballard Power Systems will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On Ballard Power Systems

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in shares of Ballard Power Systems by 228.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after buying an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new position in Ballard Power Systems during the fourth quarter worth about $26,000. Ground Swell Capital LLC acquired a new position in Ballard Power Systems during the first quarter worth about $26,000. Intesa Sanpaolo S.p.A. bought a new stake in Ballard Power Systems in the fourth quarter worth about $28,000. Finally, Cetera Investment Advisers acquired a new stake in Ballard Power Systems in the 1st quarter valued at about $33,000. 28.02% of the stock is currently owned by institutional investors and hedge funds.

About Ballard Power Systems

Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.

Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.