Ballard Power Systems, Inc. (NASDAQ:BLDP) Sees Large Drop in Short Interest

Key Points

• Short interest fell 35.7% to 16.56 million shares as of July 31, representing 5.5% of Ballard’s outstanding stock and 2.2 days to cover.
• Institutional investors own 28.02% of the company, with several firms increasing their positions. Analysts’ average rating remains “Hold”, with a consensus price target of $3.50.
• Ballard shares recently fell 4.8% to $2.48 after the company reported quarterly revenue of $20.34 million and an adjusted loss of $0.07 per share, both missing analysts’ expectations.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD saw a large drop in short interest in July. As of July 31st, there was short interest totaling 16,558,574 shares, a drop of 35.7% from the July 15th total of 25,762,152 shares. Currently, 5.5% of the company's stock are short sold. Based on an average trading volume of 7,656,436 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. J. Derek Lewis & Associates Inc. lifted its holdings in shares of Ballard Power Systems by 10.9% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 51,000 shares of the technology company's stock valued at $123,000 after buying an additional 5,000 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company's stock valued at $25,000 after acquiring an additional 6,952 shares during the period. Amundi lifted its holdings in Ballard Power Systems by 16.1% in the first quarter. Amundi now owns 68,140 shares of the technology company's stock valued at $74,000 after acquiring an additional 9,454 shares during the period. Vontobel Holding Ltd. boosted its position in Ballard Power Systems by 27.7% in the fourth quarter. Vontobel Holding Ltd. now owns 46,097 shares of the technology company's stock worth $118,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Swiss Life Asset Management Ltd bought a new stake in shares of Ballard Power Systems during the 4th quarter valued at about $26,000. Institutional investors own 28.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. ATB Cormark Capital Markets raised their target price on shares of Ballard Power Systems from $3.50 to $4.30 and gave the company a "sector perform" rating in a research note on Wednesday, May 6th. National Bank Financial set a $4.75 price objective on Ballard Power Systems and gave the company a "sector perform" rating in a research report on Wednesday, June 24th. Zacks Research upgraded Ballard Power Systems from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Raymond James Financial boosted their target price on Ballard Power Systems from $2.40 to $4.00 and gave the stock a "market perform" rating in a report on Wednesday, May 6th. Finally, Lake Street Capital raised Ballard Power Systems from a "hold" rating to a "buy" rating and increased their target price for the stock from $3.00 to $5.00 in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Ballard Power Systems currently has an average rating of "Hold" and a consensus price target of $3.50.

Ballard Power Systems Stock Down 4.8%

Shares of BLDP stock traded down $0.12 during mid-day trading on Tuesday, hitting $2.48. The company's stock had a trading volume of 1,529,435 shares, compared to its average volume of 5,808,531. The stock has a market cap of $746.24 million, a price-to-earnings ratio of -9.52 and a beta of 2.29. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.36 and a current ratio of 11.19. Ballard Power Systems has a 52-week low of $1.82 and a 52-week high of $6.57. The business has a 50-day moving average price of $3.29 and a 200 day moving average price of $3.23.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last released its quarterly earnings data 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 business had revenue of $20.34 million during the quarter, compared to the consensus estimate of $25.24 million. Ballard Power Systems had a negative return on equity of 13.23% and a negative net margin of 72.78%. Research analysts predict that Ballard Power Systems will post -0.19 EPS for the current fiscal year.

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.

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