Ballard Power Systems, Inc. (BLDP) Short Interest Up 36.7% in November
Ballard Power Systems, Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 6,357,715 shares, an increase of 36.7% from the November 15th total of 4,651,823 shares. Currently, 4.2% of the company’s shares are sold short. Based on an average trading volume of 2,265,025 shares, the days-to-cover ratio is presently 2.8 days.
BLDP has been the topic of a number of analyst reports. B. Riley set a $6.00 target price on shares of Ballard Power Systems and gave the stock a “buy” rating in a research report on Tuesday, November 14th. FBR & Co restated a “buy” rating on shares of Ballard Power Systems in a research report on Wednesday, September 6th. Zacks Investment Research upgraded shares of Ballard Power Systems from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Tuesday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target (up previously from $3.00) on shares of Ballard Power Systems in a report on Friday, September 15th. Finally, Cowen lifted their price target on shares of Ballard Power Systems from $3.00 to $4.50 and gave the company a “market perform” rating in a report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Ballard Power Systems presently has a consensus rating of “Hold” and an average price target of $5.50.
Ballard Power Systems (BLDP) opened at $4.68 on Monday. Ballard Power Systems has a 1-year low of $1.61 and a 1-year high of $5.93. The company has a current ratio of 2.70, a quick ratio of 2.17 and a debt-to-equity ratio of 0.05.
Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The company had revenue of $31.90 million for the quarter, compared to analyst estimates of $28.33 million. Ballard Power Systems had a negative net margin of 5.57% and a negative return on equity of 4.36%. Ballard Power Systems’s revenue for the quarter was up 54.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) EPS. equities research analysts expect that Ballard Power Systems will post -0.04 EPS for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ballard Power Systems in the 2nd quarter valued at $105,000. First Manhattan Co. acquired a new position in shares of Ballard Power Systems in the 3rd quarter valued at $126,000. Jane Street Group LLC purchased a new position in shares of Ballard Power Systems in the 3rd quarter valued at $141,000. Renaissance Technologies LLC raised its stake in shares of Ballard Power Systems by 483.1% in the 1st quarter. Renaissance Technologies LLC now owns 165,600 shares of the technology company’s stock valued at $368,000 after acquiring an additional 137,200 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Ballard Power Systems by 16.9% in the 2nd quarter. First Trust Advisors LP now owns 181,943 shares of the technology company’s stock valued at $528,000 after acquiring an additional 26,314 shares during the period. Institutional investors own 3.07% of the company’s stock.
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About Ballard Power Systems
Ballard Power Systems Inc is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications.
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