Ballard Power Systems Inc. (NASDAQ:BLDP) Sees Large Decrease in Short Interest

Ballard Power Systems Inc. (NASDAQ:BLDP - Get Free Report) TSE: BLD was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 13,770,000 shares, a drop of 5.1% from the October 15th total of 14,510,000 shares. Approximately 5.6% of the shares of the company are short sold. Based on an average daily trading volume, of 3,220,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analyst Weigh In

BLDP has been the subject of several recent research reports. Jefferies Financial Group dropped their price target on shares of Ballard Power Systems from $3.25 to $2.00 and set a "hold" rating for the company 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. TD Securities lowered shares of Ballard Power Systems from a "hold" rating to a "sell" rating and dropped their price objective for the stock from $2.50 to $1.50 in a report on Monday, August 12th. Cormark reissued a "market perform" rating on shares of Ballard Power Systems in a report on Monday, September 16th. Finally, Raymond James lowered their price target on shares of Ballard Power Systems from $4.00 to $3.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 14th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $2.78.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its stake in Ballard Power Systems by 8.8% during the second quarter. Van ECK Associates Corp now owns 2,321,782 shares of the technology company's stock worth $5,224,000 after acquiring an additional 186,833 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Ballard Power Systems by 137.6% in the third quarter. Jane Street Group LLC now owns 1,115,742 shares of the technology company's stock valued at $2,008,000 after buying an additional 646,219 shares in the last quarter. Penserra Capital Management LLC lifted its stake in shares of Ballard Power Systems by 52.6% in the third quarter. Penserra Capital Management LLC now owns 959,941 shares of the technology company's stock valued at $1,727,000 after buying an additional 330,815 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of Ballard Power Systems by 1.2% in the second quarter. TD Asset Management Inc now owns 707,953 shares of the technology company's stock valued at $1,599,000 after buying an additional 8,154 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Ballard Power Systems by 7.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 565,053 shares of the technology company's stock valued at $1,572,000 after buying an additional 38,662 shares in the last quarter. 28.02% of the stock is owned by institutional investors.

Ballard Power Systems Price Performance

Shares of Ballard Power Systems stock traded up $0.08 on Monday, reaching $1.36. 3,893,321 shares of the stock were exchanged, compared to its average volume of 2,938,116. The firm's 50 day moving average is $1.62 and its 200-day moving average is $2.15. The firm has a market cap of $405.71 million, a PE ratio of -1.28 and a beta of 1.78. Ballard Power Systems has a one year low of $1.23 and a one year high of $4.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01.

Ballard Power Systems Company Profile

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.