Ballard Power Systems Inc. (NASDAQ:BLDP – Get Rating) (TSE:BLD) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 27,460,000 shares, an increase of 7.2% from the August 15th total of 25,620,000 shares. Based on an average trading volume of 3,970,000 shares, the short-interest ratio is currently 6.9 days. Currently, 11.5% of the shares of the stock are sold short.
Analysts Set New Price Targets
BLDP has been the topic of several recent research reports. TD Securities boosted their target price on Ballard Power Systems from $11.00 to $12.50 and gave the stock a “speculative buy” rating in a report on Thursday, August 11th. Cowen boosted their price objective on Ballard Power Systems to $9.00 in a research note on Monday, August 15th. National Bankshares cut their target price on Ballard Power Systems from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, August 11th. KeyCorp reissued a “sector weight” rating on shares of Ballard Power Systems in a research report on Thursday, June 2nd. Finally, Raymond James cut shares of Ballard Power Systems from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $9.00 to $10.00 in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.58.
Institutional Investors Weigh In On Ballard Power Systems
Institutional investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Ballard Power Systems by 5.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,226,574 shares of the technology company’s stock valued at $25,955,000 after acquiring an additional 123,919 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 purchasing an additional 99,149 shares in the last quarter. abrdn plc boosted its stake in shares of 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 position in shares of Ballard Power Systems in the fourth quarter valued at approximately $289,000. Finally, Millburn Ridgefield Corp increased its stake in Ballard Power Systems by 238.0% during the 1st quarter. Millburn Ridgefield Corp now owns 4,425 shares of the technology company’s stock worth $52,000 after buying an additional 3,116 shares during the period. 28.25% of the stock is owned by institutional investors and hedge funds.
Ballard Power Systems Price Performance
Ballard Power Systems (NASDAQ:BLDP – Get Rating) (TSE:BLD) last posted its quarterly earnings data on Wednesday, August 10th. The technology company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.07). The company had revenue of $20.90 million for the quarter, compared to analysts’ expectations of $24.16 million. Ballard Power Systems had a negative return on equity of 12.13% and a negative net margin of 164.44%. The business’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) EPS. On average, analysts anticipate that Ballard Power Systems will post -0.61 EPS for the current year.
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 markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power.
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