Ballard Power Systems Inc. (NASDAQ:BLDP) Short Interest Down 11.9% in July

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 19,900,000 shares, a decrease of 11.9% from the June 30th total of 22,590,000 shares. Currently, 8.2% of the shares of the stock are short sold. Based on an average daily volume of 2,570,000 shares, the days-to-cover ratio is presently 7.7 days.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Ballard Power Systems by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,121,473 shares of the technology company’s stock valued at $33,476,000 after acquiring an additional 148,321 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Ballard Power Systems by 19.8% during the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock worth $5,936,000 after buying an additional 353,098 shares in the last quarter. Vontobel Holding Ltd. raised its position in Ballard Power Systems by 18.2% in the 4th quarter. Vontobel Holding Ltd. now owns 2,086,570 shares of the technology company’s stock valued at $7,732,000 after buying an additional 321,624 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Ballard Power Systems by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 865,353 shares of the technology company’s stock valued at $3,222,000 after acquiring an additional 89,643 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its position in 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 during the last quarter. Institutional investors own 28.02% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Ballard Power Systems from $3.50 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, May 9th. National Bankshares cut their price target on Ballard Power Systems from $4.50 to $4.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 8th. Jefferies Financial Group lowered their price objective on Ballard Power Systems from $3.50 to $3.25 and set a “hold” rating for the company in a research report on Wednesday, May 8th. HSBC cut their target price on shares of Ballard Power Systems from $4.10 to $3.80 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Truist Financial reiterated a “hold” rating and set a $3.00 price target (down previously from $3.50) on shares of Ballard Power Systems in a research report on Wednesday, May 8th. Three research 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. Based on data from MarketBeat, Ballard Power Systems presently has a consensus rating of “Hold” and a consensus price target of $3.49.

Ballard Power Systems Trading Down 1.8 %

BLDP stock traded down $0.04 during midday trading on Tuesday, hitting $2.20. 2,087,035 shares of the company’s stock were exchanged, compared to its average volume of 2,794,541. Ballard Power Systems has a one year low of $2.14 and a one 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 company has a market cap of $658.70 million, a PE ratio of -3.55 and a beta of 1.77. The stock’s fifty day moving average price is $2.60 and its 200-day moving average price is $2.87.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Ballard Power Systems had a negative return on equity of 15.37% and a negative net margin of 177.82%. The business had revenue of $14.50 million for the quarter, compared to analyst estimates of $17.55 million. During the same period in the prior year, the business earned ($0.11) EPS. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts predict 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.