Short Interest in Ballard Power Systems Inc. (NASDAQ:BLDP) Decreases By 12.6%

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) was the recipient of a significant decline in short interest in the month of February. As of February 15th, there was short interest totalling 15,420,000 shares, a decline of 12.6% from the January 31st total of 17,640,000 shares. Approximately 6.3% of the company’s shares are short sold. Based on an average daily trading volume, of 8,840,000 shares, the days-to-cover ratio is presently 1.7 days.

Institutional Trading of Ballard Power Systems

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Commonwealth Financial Corp PA purchased a new position in Ballard Power Systems during the third quarter worth about $27,000. Raymond James Financial Inc. purchased a new position in shares of Ballard Power Systems in the 4th quarter worth approximately $27,000. Toronto Dominion Bank boosted its stake in shares of Ballard Power Systems by 300.0% in the 3rd quarter. Toronto Dominion Bank now owns 27,933 shares of the technology company’s stock worth $50,000 after buying an additional 20,949 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Ballard Power Systems in the fourth quarter valued at approximately $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Ballard Power Systems by 35.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,798 shares of the technology company’s stock valued at $68,000 after acquiring an additional 10,767 shares during the last quarter. Hedge funds and other institutional investors own 28.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TD Cowen raised shares of Ballard Power Systems to a “strong sell” rating in a research report on Monday, January 13th. HSBC cut shares of Ballard Power Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Hsbc Global Res lowered shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, CIBC cut their price objective 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. Seven research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.77.

Ballard Power Systems Stock Down 2.8 %

Shares of NASDAQ:BLDP traded down $0.04 during mid-day trading on Thursday, hitting $1.21. 5,264,158 shares of the company traded hands, compared to its average volume of 10,316,660. The stock has a 50-day moving average price of $1.50 and a two-hundred day moving average price of $1.58. Ballard Power Systems has a 12-month low of $1.08 and a 12-month high of $3.38. The stock has a market cap of $360.82 million, a P/E ratio of -1.10 and a beta of 1.69. The company has a current ratio of 9.01, a quick ratio of 8.19 and a debt-to-equity ratio of 0.03.

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.