Short Interest in Ballard Power Systems Inc. (NASDAQ:BLDP) Declines By 20.1%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 15,270,000 shares, a decline of 20.1% from the September 15th total of 19,110,000 shares. Approximately 6.2% of the shares of the company are sold short. Based on an average daily volume of 2,850,000 shares, the days-to-cover ratio is presently 5.4 days.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BLDP shares. Citigroup cut their price objective on shares of Ballard Power Systems from $3.50 to $2.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Cormark reiterated a “market perform” rating on shares of Ballard Power Systems in a report on Monday, September 16th. Raymond James cut their target price on Ballard Power Systems from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, August 14th. Cibc World Mkts cut Ballard Power Systems from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company reduced their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 13th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Ballard Power Systems in the 4th quarter valued at about $192,000. Integrated Advisors Network LLC grew its stake in Ballard Power Systems by 163.2% during the fourth quarter. Integrated Advisors Network LLC now owns 31,712 shares of the technology company’s stock worth $117,000 after purchasing an additional 19,662 shares during the period. Van ECK Associates Corp increased its stake in Ballard Power Systems by 19.8% in the first quarter. Van ECK Associates Corp now owns 2,134,949 shares of the technology company’s stock valued at $5,936,000 after purchasing an additional 353,098 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Ballard Power Systems by 4.1% in the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock valued at $600,000 after acquiring an additional 8,549 shares during the period. Finally, Endowment Wealth Management Inc. acquired a new position in Ballard Power Systems during the first quarter worth $28,000. 28.02% of the stock is owned by institutional investors and hedge funds.

Ballard Power Systems Price Performance

Shares of BLDP stock traded up $0.08 during mid-day trading on Friday, hitting $1.69. 2,889,274 shares of the stock traded hands, compared to its average volume of 3,276,883. Ballard Power Systems has a twelve month low of $1.60 and a twelve month high of $4.02. The firm has a market cap of $506.00 million, a price-to-earnings ratio of -2.68 and a beta of 1.78. The company’s 50-day simple moving average is $1.79 and its 200-day simple moving average is $2.38. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.05 and a current ratio of 10.90.

Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last posted its quarterly earnings data on Monday, August 12th. The technology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ballard Power Systems had a negative return on equity of 16.20% and a negative net margin of 177.95%. The business had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $19.36 million. During the same quarter in the previous year, the firm earned ($0.10) EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. As a group, equities research analysts expect that Ballard Power Systems will post -0.48 earnings per share for the current year.

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.