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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 12,680,000 shares, a decrease of 5.4% from the November 15th total of 13,410,000 shares. Based on an average daily trading volume, of 4,120,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 5.2% of the company’s shares are short sold.

Ballard Power Systems Price Performance

NASDAQ BLDP opened at $1.60 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01. The stock has a market cap of $479.07 million, a price-to-earnings ratio of -1.45 and a beta of 1.72. The business has a 50 day simple moving average of $1.52 and a 200 day simple moving average of $1.91. Ballard Power Systems has a 52-week low of $1.23 and a 52-week high of $3.83.

Wall Street Analysts Forecast Growth

BLDP has been the topic of several research reports. CIBC cut their price target on Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research note on Wednesday, December 4th. Hsbc Global Res lowered shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Ballard Power Systems to a “sell” rating in a research report on Friday, November 1st. HSBC lowered shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Cormark reiterated a “market perform” rating on shares of Ballard Power Systems in a research report on Monday, September 16th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.77.

Institutional Investors Weigh In On Ballard Power Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC increased its holdings in Ballard Power Systems by 137.6% during the 3rd quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company’s stock worth $2,008,000 after purchasing an additional 646,219 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Ballard Power Systems by 52.6% in the 3rd quarter. Penserra Capital Management LLC now owns 959,941 shares of the technology company’s stock valued at $1,727,000 after acquiring an additional 330,815 shares in the last quarter. DRW Securities LLC lifted its stake in Ballard Power Systems by 2,097.1% in the 3rd quarter. DRW Securities LLC now owns 333,322 shares of the technology company’s stock valued at $600,000 after acquiring an additional 318,151 shares in the last quarter. Decade Renewable Partners LP acquired a new position in Ballard Power Systems during the 2nd quarter worth approximately $450,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Ballard Power Systems by 79.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 436,689 shares of the technology company’s stock worth $786,000 after acquiring an additional 193,658 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors and hedge funds.

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.