Short Interest in Ballard Power Systems Inc. (NASDAQ:BLDP) Rises By 10.2%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 22,590,000 shares, an increase of 10.2% from the June 15th total of 20,490,000 shares. Based on an average daily trading volume, of 2,450,000 shares, the short-interest ratio is presently 9.2 days. Approximately 9.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Baader Bank Aktiengesellschaft purchased a new stake in shares of Ballard Power Systems during the 2nd quarter worth about $94,000. SG Americas Securities LLC increased its holdings in Ballard Power Systems by 84.3% in the second quarter. SG Americas Securities LLC now owns 79,517 shares of the technology company’s stock worth $179,000 after buying an additional 36,368 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in Ballard Power Systems during the first quarter valued at approximately $59,000. Tidal Investments LLC acquired a new stake in shares of Ballard Power Systems in the 1st quarter valued at $39,000. Finally, Toronto Dominion Bank lifted its position in shares of Ballard Power Systems by 182.8% in the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock worth $96,000 after buying an additional 22,273 shares during the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Ballard Power Systems Stock Down 3.5 %

Ballard Power Systems stock traded down $0.09 during trading hours on Wednesday, hitting $2.47. The company had a trading volume of 2,025,796 shares, compared to its average volume of 2,834,742. Ballard Power Systems has a fifty-two week low of $2.14 and a fifty-two week high of $5.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 11.66 and a quick ratio of 10.88. The firm has a market capitalization of $739.50 million, a P/E ratio of -3.98 and a beta of 1.77. The firm’s fifty day moving average is $2.73 and its 200-day moving average is $2.95.

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

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. TD Securities raised their price objective on shares of Ballard Power Systems from $2.50 to $2.75 and gave the stock a “hold” rating in a report on Wednesday, May 8th. Jefferies Financial Group decreased their price target on Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating for the company in a research note on Wednesday, May 8th. CIBC lowered their price objective on shares of Ballard Power Systems from $3.75 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Wells Fargo & Company lowered their target price on Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating on the stock in a report on Thursday, May 9th. Finally, Truist Financial reiterated a “hold” rating and set a $3.00 price objective (down previously from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $3.49.

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.