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

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

Ballard Power Systems Price Performance

NASDAQ:BLDP opened at $1.35 on Tuesday. The stock has a 50 day moving average of $1.62 and a two-hundred day moving average of $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.

Analysts Set New Price Targets

BLDP has been the subject of a number of research analyst reports. National Bankshares decreased their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. HSBC downgraded Ballard Power Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Wells Fargo & Company lowered their price objective on Ballard Power Systems from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 13th. StockNews.com raised shares of Ballard Power Systems to a “sell” rating in a report on Friday, November 1st. Finally, BMO Capital Markets decreased their target price on shares of Ballard Power Systems from $2.25 to $1.70 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.78.

Institutional Trading of Ballard Power Systems

Large investors have recently made changes to their positions in the company. TD Asset Management Inc grew its holdings in shares of Ballard Power Systems by 1.2% during the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company’s stock worth $1,599,000 after buying an additional 8,154 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Ballard Power Systems by 4.1% during the first quarter. BNP Paribas Financial Markets now owns 215,970 shares of the technology company’s stock worth $600,000 after acquiring an additional 8,549 shares during the last quarter. Banque Cantonale Vaudoise grew its stake in Ballard Power Systems by 7.7% during the 3rd quarter. Banque Cantonale Vaudoise now owns 190,433 shares of the technology company’s stock valued at $343,000 after acquiring an additional 13,639 shares in the last quarter. Tidal Investments LLC purchased a new stake in Ballard Power Systems during the 1st quarter valued at about $39,000. Finally, Daiwa Securities Group Inc. raised its holdings in Ballard Power Systems by 149.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,047 shares of the technology company’s stock valued at $54,000 after acquiring an additional 14,415 shares during the last quarter. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

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.