Ballard Power (BLDP) unusual activity on 9/7 with 4000 November $16 calls active with buyers paying $2.39 to $2.50, a name with prior opening sales in January 2023 $15 puts that now have 5900 in OI and 2500 September $15 short puts as well. BLDP has seen a major pullback from February highs but has based the last few months after a big reversal bar into new lows in May and starting to work out of a nice rounded base with room back to the $20 level. BLDP’s principal business is the design, development, manufacture, sale and service of PEM fuel cell products for a variety of applications, focusing on our power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions. BLDP currently has a market cap of $5B and is trading 26X FY22 EV/Sales with revenues seen flat in 2021 before surging 40% in 2022 and 50%+ in 2023 and 2024. Analysts have an average target of $23 with short interest elevated at 10% of the float. B. Riley out positive in April with a $30 target saying BLDP is “best positioned in the fuel cell space for heavy-duty applications, where we are most bullish for the technology’s prospects, and believe the company has the partners, capital, and experience to establish and maintain its leading market position. Management sees an ~$130B addressable market by 2030 developing in its core bus, truck, rail, and marine end markets, and we see strong potential for the company and fuel cell technologies to gain a meaningful share.” Wolfe Research cautious on 8/31 noting commercial ramp may be slow relative to peers, and fuel cells for mobility may have a smaller addressable market versus electrolzers.