Westport Innovations Inc. (WPRT) Lifted to “Hold” at Zacks Investment Research
Westport Innovations Inc. (NASDAQ:WPRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Westport Fuel Systems is expected to enjoy significant savings and long-term fundamental benefits from the merger. Following the completion of the merger, it has started selling its non-core assets to free up invested capital. The company’s frequent product launches help boost sales, while strategic relationships aid cost savings. However, it has been incurring losses over the past several years. As a result, it has a significant level of accumulated deficit. Declining revenues and high operating cash outflow are some other headwinds. Westport Fuel Systems’ loss estimates have been stable lately. The company has a negative record of surprises in recent quarters.”
Shares of Westport Innovations (NASDAQ:WPRT) traded up 0.9245% during midday trading on Wednesday, hitting $1.6047. The company had a trading volume of 89,141 shares. The company’s 50-day moving average price is $1.52 and its 200 day moving average price is $1.79. The company’s market capitalization is $176.21 million. Westport Innovations has a 12-month low of $1.29 and a 12-month high of $3.64.
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Westport Innovations (NASDAQ:WPRT) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.27. The firm earned $44.40 million during the quarter, compared to analyst estimates of $49.21 million. Westport Innovations had a negative net margin of 69.35% and a negative return on equity of 135.76%. The company’s revenue for the quarter was up 59.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.27) EPS. Equities research analysts predict that Westport Innovations will post ($0.62) earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in Westport Innovations by 349.4% in the second quarter. Royal Bank of Canada now owns 71,722 shares of the company’s stock valued at $120,000 after buying an additional 55,762 shares during the period. B. Riley Financial Inc. bought a new stake in shares of Westport Innovations during the second quarter valued at about $2,702,000. Jane Street Group LLC raised its stake in shares of Westport Innovations by 10.3% in the second quarter. Jane Street Group LLC now owns 64,307 shares of the company’s stock valued at $107,000 after buying an additional 6,007 shares during the last quarter. KCG Holdings Inc. raised its stake in shares of Westport Innovations by 5.2% in the second quarter. KCG Holdings Inc. now owns 80,615 shares of the company’s stock valued at $135,000 after buying an additional 3,995 shares during the last quarter. Finally, Ancora Advisors LLC bought a new stake in shares of Westport Innovations during the second quarter valued at about $515,000. Hedge funds and other institutional investors own 16.98% of the company’s stock.
Westport Innovations Company Profile
Westport Fuel Systems Inc (Westport), 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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