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

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 14,580,000 shares, a growth of 15.0% from the November 30th total of 12,680,000 shares. Approximately 5.9% of the company’s stock are short sold. Based on an average daily trading volume, of 4,810,000 shares, the days-to-cover ratio is currently 3.0 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its stake in Ballard Power Systems by 137.6% during the third 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 during the last quarter. XTX Topco Ltd raised its holdings in shares of Ballard Power Systems by 29.0% during the 3rd quarter. XTX Topco Ltd now owns 88,212 shares of the technology company’s stock valued at $159,000 after buying an additional 19,856 shares in the last quarter. Van ECK Associates Corp lifted its position in Ballard Power Systems by 8.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company’s stock worth $5,224,000 after buying an additional 186,833 shares during the last quarter. Decade Renewable Partners LP purchased a new stake in Ballard Power Systems in the second quarter worth approximately $450,000. Finally, TD Asset Management Inc grew its position in 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 valued at $1,599,000 after acquiring an additional 8,154 shares during the last quarter. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Susquehanna decreased their price objective on Ballard Power Systems from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, October 16th. HSBC downgraded Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Cormark restated a “market perform” rating on shares of Ballard Power Systems in a research note on Monday, September 16th. 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. Finally, CIBC dropped their price target on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating on the stock in a research report on Wednesday, December 4th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.77.

Ballard Power Systems Price Performance

BLDP stock traded down $0.01 during midday trading on Tuesday, reaching $1.66. The company had a trading volume of 10,775,127 shares, compared to its average volume of 3,402,953. The firm has a 50-day moving average price of $1.52 and a 200-day moving average price of $1.84. The company has a market capitalization of $497.04 million, a P/E ratio of -1.51 and a beta of 1.72. Ballard Power Systems has a 1 year low of $1.23 and a 1 year high of $3.79. The company has a debt-to-equity ratio of 0.03, a current ratio of 9.01 and a quick ratio of 8.19.

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.