The stock of Ballard Power Systems Inc. (NASDAQ:BLDP) is now priced at $15.99 and the shares are 0.17 points up or 1.07% higher compared to its previous closing price of $15.82. The stock had 3.013 million contracts set over the past session. BLDP shares’ daily volume is compared to its average trading volume at 4.193 million shares. However, it has a float of 188 million and although its performance was -1.39% over the week, it’s one to watch. Analysts have given the BLDP stock a yearly average price target of $21.31 per share. It means the stock’s upside potential is 33.27% with the BLDP share price recently placing at $15.7198 to $16.21. However, some brokerage firms have priced the stock below the average, including one that has called $15.
The shorts are climbing into the Ballard Power Systems Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the BLDP shares have risen. Short interest in the stock represents just 4.13% of its float, but the volume has raised by 806773. The volume of shorted shares rised to 8.722 million from 7.915 million shares over the last two weeks. The average intraday trading volume has been 3.974 million shares, which means that days to cover moved to roughly 2.194966.
In the last trading session, Ballard Power Systems Inc. (NASDAQ:BLDP) dropped by -$0.23 over the week and gained $1.77 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $21.61. The stock recorded its established 52-week high on 07/09/20.
Since 09/03/19, the stock has traded to a low of $4.41 at 271.86%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.59. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ballard Power Systems Inc.’s two-week RSI is 53.17. This suggests that the stock is neutral at the moment and that BLDP shares’ price movement remains stable. The stochastic readings are equally revealing at 52.32% meaning the BLDP share price is currently in neutral territory.
The technical chart shows that the BLDP stock will likely settle at between $16.23 and $16.46 per share. However, if the stock dips below $15.74, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.48.
Currently, the stock is trading in the red of MACD, with a reading of -0.04. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned BLDP a rating of Outperform in their intiating review released on August 24. National Bank Financial analysts upgraded their recommendation of the stock from Sector Perform to Outperform in a flash note released to investors on August 20. TD Securities seeing the improvements upgraded the stock from Hold to Speculative Buy on August 17.
The average rating for the BLDP equity is 2.29 and is currently gathering a bullish momentum. Of 10 analysts tracking Ballard Power Systems Inc. polled by Reuters, 1 rated BLDP as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 32.9. Ballard Power Systems Inc. has its P/E ratio at 13.3, which means that the stock is currently trading at a premium relative to the 4.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ballard Power Systems Inc. (NASDAQ:BLDP) will decrease by about -99.92%, which will see them reach $27.66 million. The company’s full-year revenues are, however, expected to increase by about 8.93%, up from $106 million to $116 million. BLDP’s expected adjusted earnings should surge almost 25% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 12.5% to record -$0.18/share.