Short Interest in Ballard Power Systems, Inc. (NASDAQ:BLDP) Drops By 15.7%

Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) saw 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 shares of the 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.

Ballard Power Systems Price Performance

Ballard Power Systems stock opened at $2.96 on Friday. Ballard Power Systems has a 52-week low of $1.07 and a 52-week high of $4.10. The firm has a market capitalization of $892.38 million, a price-to-earnings ratio of -9.87 and a beta of 1.68. The company has a fifty day simple moving average of $2.36 and a 200-day simple moving average of $2.74. The company has a quick ratio of 9.14, a current ratio of 9.86 and a debt-to-equity ratio of 0.03.

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

Institutional Investors Weigh In On Ballard Power Systems

A number of large investors have recently made changes to their positions in the stock. J. Derek Lewis & Associates Inc. purchased a new stake in shares of Ballard Power Systems in the fourth quarter valued at approximately $117,000. Hsbc Holdings PLC grew its position in shares of Ballard Power Systems by 24.4% in the fourth quarter. Hsbc Holdings PLC now owns 151,574 shares of the technology company’s stock valued at $385,000 after purchasing an additional 29,699 shares in the last quarter. Rockefeller Capital Management L.P. grew its position 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 purchasing an additional 6,952 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Ballard Power Systems by 422.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 15,024 shares of the technology company’s stock valued at $38,000 after purchasing an additional 12,149 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Ballard Power Systems by 48.6% in the fourth quarter. Invesco Ltd. now owns 4,968,824 shares of the technology company’s stock valued at $12,621,000 after purchasing an additional 1,625,542 shares in the last quarter. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ballard Power Systems in a research note on Wednesday, January 21st. TD Cowen upgraded Ballard Power Systems from a “sell” rating to a “hold” rating in a research note on Friday, January 9th. TD Securities upgraded Ballard Power Systems from a “sell” rating to a “hold” rating and set a $2.50 price objective for the company in a research note on Friday, January 9th. Finally, 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 research note on Friday, March 27th. Ten equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $2.69.

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.