Ballard Power Systems Inc. (NASDAQ:BLDP – Get Rating) (TSE:BLD) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 27,460,000 shares, a growth of 7.2% from the August 15th total of 25,620,000 shares. Currently, 11.5% of the company's stock are short sold. Based on an average daily trading volume, of 3,970,000 shares, the days-to-cover ratio is presently 6.9 days.
Ballard Power Systems Trading Down 6.8 %
NASDAQ BLDP opened at $6.81 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 15.16 and a quick ratio of 14.36. Ballard Power Systems has a 52-week low of $5.75 and a 52-week high of $19.66. The business's 50-day moving average price is $7.72 and its 200 day moving average price is $8.32.
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Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) last released its quarterly earnings results on Wednesday, August 10th. The technology company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.07). Ballard Power Systems had a negative return on equity of 12.13% and a negative net margin of 164.44%. The company had revenue of $20.90 million for the quarter, compared to analysts' expectations of $24.16 million. During the same period in the prior year, the business earned ($0.07) EPS. The business's quarterly revenue was down 16.4% compared to the same quarter last year. On average, sell-side analysts predict that Ballard Power Systems will post -0.61 earnings per share for the current year.
Hedge Funds Weigh In On Ballard Power Systems
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Ballard Power Systems by 5.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,226,574 shares of the technology company's stock worth $25,955,000 after buying an additional 123,919 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Ballard Power Systems by 24.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 510,089 shares of the technology company's stock worth $5,942,000 after buying an additional 99,149 shares during the last quarter. abrdn plc lifted its position in Ballard Power Systems by 562.8% in the fourth quarter. abrdn plc now owns 274,208 shares of the technology company's stock valued at $3,445,000 after purchasing an additional 232,839 shares during the period. Hilltop Holdings Inc. acquired a new stake in Ballard Power Systems in the fourth quarter valued at about $289,000. Finally, Millburn Ridgefield Corp lifted its position in Ballard Power Systems by 238.0% in the first quarter. Millburn Ridgefield Corp now owns 4,425 shares of the technology company's stock valued at $52,000 after purchasing an additional 3,116 shares during the period. Hedge funds and other institutional investors own 28.25% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on BLDP shares. KeyCorp reissued a "sector weight" rating on shares of Ballard Power Systems in a report on Thursday, June 2nd. TD Securities increased their target price on Ballard Power Systems from $11.00 to $12.50 and gave the company a "speculative buy" rating in a report on Thursday, August 11th. Cowen raised their price objective on Ballard Power Systems to $9.00 in a report on Monday, August 15th. Piper Sandler began coverage on Ballard Power Systems in a report on Wednesday, June 8th. They set a "sell" rating and a $5.00 price objective on the stock. Finally, National Bankshares dropped their price objective on Ballard Power Systems from $13.00 to $12.00 and set an "outperform" rating on the stock in a report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.58.
Ballard Power Systems Company Profile
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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 markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power.
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