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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 13,770,000 shares, a decrease of 5.1% from the October 15th total of 14,510,000 shares. Based on an average daily trading volume, of 3,220,000 shares, the days-to-cover ratio is currently 4.3 days. Currently, 5.6% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

BLDP has been the topic of several analyst reports. Susquehanna reduced their price target on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. Truist Financial decreased their target price on shares of Ballard Power Systems from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Cormark reissued a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. TD Securities lowered shares of Ballard Power Systems from a “hold” rating to a “sell” rating and reduced their price target for the company from $2.50 to $1.50 in a research report on Monday, August 12th. Finally, Lake Street Capital decreased their price objective on Ballard Power Systems from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.78.

Institutional Trading of Ballard Power Systems

A number of institutional investors and hedge funds have recently bought and sold shares of BLDP. BNP Paribas Financial Markets grew its holdings in shares of 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 purchasing an additional 8,549 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Ballard Power Systems by 7.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company’s stock worth $1,572,000 after acquiring an additional 38,662 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Ballard Power Systems by 182.8% during the first quarter. Toronto Dominion Bank now owns 34,460 shares of the technology company’s stock worth $96,000 after acquiring an additional 22,273 shares during the period. Westwood Holdings Group Inc. acquired a new stake in shares of Ballard Power Systems in the first quarter valued at $59,000. Finally, Tidal Investments LLC purchased a new position in Ballard Power Systems in the first quarter valued at $39,000. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

Ballard Power Systems Stock Performance

BLDP stock opened at $1.35 on Tuesday. The business’s fifty day moving average price is $1.62 and its 200 day moving average price is $2.15. Ballard Power Systems has a 12-month low of $1.23 and a 12-month high of $4.02. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03.

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.