Zacks Investment Research downgraded shares of Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPT) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “Westport Fuel Systems frequently engages in investments and acquisitions related to technologies and businesses, which helps the company to commercialize its products and increase its global presence. Further, to boost its sales figure and improve its financials, the company regularly launches new products and engages in sale of its non-core assets. The company also maintains strong strategic relationships with leading truck and automotive producers, enabling it to improve its distribution and sales networks. Moreover, its shares have also outperformed the industry it belongs to over the last three months.”
A number of other equities research analysts have also recently weighed in on the company. ValuEngine cut Westport Fuel Systems from a hold rating to a sell rating in a report on Friday, September 1st. Cowen and Company reaffirmed a hold rating and set a $1.50 price target on shares of Westport Fuel Systems in a report on Friday, July 14th. HC Wainwright set a $5.00 price target on Westport Fuel Systems and gave the company a buy rating in a report on Tuesday, August 15th. Lake Street Capital lifted their price target on Westport Fuel Systems from $3.00 to $5.00 and gave the company a hold rating in a report on Thursday, October 5th. Finally, BidaskClub raised Westport Fuel Systems from a hold rating to a buy rating in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $3.30.
Shares of Westport Fuel Systems (NASDAQ WPRT) opened at 3.71 on Monday. The firm’s 50-day moving average price is $2.98 and its 200 day moving average price is $1.98. Westport Fuel Systems has a 1-year low of $0.82 and a 1-year high of $4.09. The stock’s market capitalization is $483.79 million.
Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPT) last issued its earnings results on Monday, August 14th. The auto parts company reported ($0.12) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.03. Westport Fuel Systems had a negative net margin of 20.37% and a negative return on equity of 65.98%. The firm had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $58.44 million. During the same quarter last year, the company posted $0.05 earnings per share. Westport Fuel Systems’s revenue was up 66.9% on a year-over-year basis. Analysts expect that Westport Fuel Systems will post ($0.49) EPS for the current fiscal year.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in WPRT. Wells Fargo & Company MN raised its holdings in shares of Westport Fuel Systems by 496.2% during the first quarter. Wells Fargo & Company MN now owns 108,054 shares of the auto parts company’s stock valued at $103,000 after buying an additional 89,931 shares during the last quarter. US Bancorp DE raised its holdings in shares of Westport Fuel Systems by 62.7% during the first quarter. US Bancorp DE now owns 250,200 shares of the auto parts company’s stock valued at $240,000 after buying an additional 96,401 shares during the last quarter. Royce & Associates LP raised its holdings in Westport Fuel Systems by 1.0% during the first quarter. Royce & Associates LP now owns 5,391,983 shares of the auto parts company’s stock worth $5,176,000 after purchasing an additional 52,500 shares in the last quarter. KCG Holdings Inc. raised its holdings in Westport Fuel Systems by 313.2% during the first quarter. KCG Holdings Inc. now owns 127,134 shares of the auto parts company’s stock worth $122,000 after purchasing an additional 96,365 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY bought a new stake in Westport Fuel Systems during the second quarter worth approximately $1,176,000. 9.35% of the stock is currently owned by institutional investors.
Westport Fuel Systems Company Profile
Westport Fuel Systems Inc, formerly Westport Innovations Inc, is a Canada-based provider of low-emission engine and fuel system technologies utilizing gaseous fuels. It operates through the Westport Operations segment. The Westport Operations segment designs, manufactures and sells compressed natural gas, liquefied natural gas, and liquefied petroleum gas components and systems to original equipment manufacturers and to aftermarket customers.
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