Ballard Power Systems Inc. (NASDAQ:BLDP) Short Interest Down 12.6% in February

Ballard Power Systems Inc. (NASDAQ:BLDP) (TSE:BLD) saw a large decline in short interest during 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. Based on an average daily trading volume, of 8,840,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 6.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Ballard Power Systems

A number of large investors have recently modified their holdings of BLDP. First Commonwealth Financial Corp PA purchased a new stake in Ballard Power Systems in the 3rd quarter worth approximately $27,000. Raymond James Financial Inc. bought a new position in shares of Ballard Power Systems in the fourth quarter worth $27,000. Toronto Dominion Bank raised its position in shares of Ballard Power Systems by 300.0% in the third 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 in the last quarter. Headlands Technologies LLC bought a new stake in Ballard Power Systems during the fourth quarter valued at $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in 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 worth $68,000 after buying an additional 10,767 shares in the last quarter. 28.02% of the stock is currently owned by institutional investors.

Ballard Power Systems Price Performance

NASDAQ BLDP traded down $0.04 during trading hours on Thursday, hitting $1.21. The company had a trading volume of 5,264,158 shares, compared to its average volume of 10,316,660. The firm has a 50 day simple moving average of $1.50 and a 200 day simple moving average of $1.58. Ballard Power Systems has a 52 week low of $1.08 and a 52 week high of $3.38. The firm has a market capitalization of $360.82 million, a price-to-earnings ratio of -1.10 and a beta of 1.69. The company has a debt-to-equity ratio of 0.03, a quick ratio of 8.19 and a current ratio of 9.01.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BLDP. Hsbc Global Res downgraded shares of Ballard Power Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. CIBC decreased their price target on shares of Ballard Power Systems from $1.40 to $1.20 and set an “underperformer” rating for the company in a research note on Wednesday, December 4th. HSBC downgraded Ballard Power Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, TD Cowen raised Ballard Power Systems to a “strong sell” rating in a report on Monday, January 13th. Seven 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.77.

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.