Ballard Power Systems, Inc. (NASDAQ:BLDP) Short Interest Update

Key Points

• Short interest fell 15.7% to 20,570,804 shares as of March 31, equivalent to about 6.8% of the stock and a days-to-cover ratio of 5.8.
• Analyst sentiment remains negative with a consensus rating of "Reduce" and a consensus price target of $2.69, despite some recent upgrades to "Hold" by TD Securities and TD Cowen.
• Shares opened at $3.05 (up ~5.2%) with a market cap of roughly $919.5M; the company beat Q4 estimates with EPS of ($0.06) and revenue of $33.28M but remains unprofitable with negative margins.

Ballard Power Systems, Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD was the target of a large decline in short interest in March. As of March 31st, there was short interest totaling 20,570,804 shares, a decline of 15.7% from the March 15th total of 24,390,355 shares. Approximately 6.8% of the company's stock are short sold. Based on an average trading volume of 3,520,569 shares, the days-to-cover ratio is presently 5.8 days.

Hedge Funds Weigh In On Ballard Power Systems

Several large investors have recently bought and sold shares of BLDP. Rockefeller Capital Management L.P. increased its stake in shares of 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 buying an additional 6,952 shares during the period. Swiss Life Asset Management Ltd acquired a new position in Ballard Power Systems in the 4th quarter valued at approximately $26,000. Intesa Sanpaolo S.p.A. bought a new position in shares of Ballard Power Systems during the fourth quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Ballard Power Systems by 422.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company's stock worth $38,000 after purchasing an additional 12,149 shares during the period. Finally, Hudson Bay Capital Management LP bought a new stake in shares of Ballard Power Systems in the third quarter worth $43,000. 28.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BLDP has been the topic of a number of recent analyst reports. TD Securities upgraded shares of Ballard Power Systems from a "sell" rating to a "hold" rating and set a $2.50 target price on the stock in a report on Friday, January 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Ballard Power Systems in a research report on Wednesday, January 21st. Wells Fargo & Company boosted their price objective on Ballard Power Systems from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Friday, March 27th. Finally, TD Cowen upgraded Ballard Power Systems from a "sell" rating to a "hold" rating in a research note on Friday, January 9th. Ten research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $2.69.

Ballard Power Systems Trading Up 5.2%

Shares of BLDP stock opened at $3.05 on Friday. The stock has a market cap of $919.51 million, a P/E ratio of -10.37 and a beta of 1.68. Ballard Power Systems has a 1 year low of $1.07 and a 1 year high of $4.10. The company has a current ratio of 9.86, a quick ratio of 9.14 and a debt-to-equity ratio of 0.03. The stock has a 50 day simple moving average of $2.35 and a 200 day simple moving average of $2.74.

Ballard Power Systems (NASDAQ:BLDP - Get Free Report) TSE: BLD last posted its quarterly earnings results on Thursday, March 12th. The technology company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $33.28 million during the quarter, compared to the consensus estimate of $32.24 million. Ballard Power Systems had a negative return on equity of 14.62% and a negative net margin of 91.50%. On average, research analysts predict that Ballard Power Systems will post -0.54 earnings per share for the current fiscal year.

Ballard Power Systems Company Profile

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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