Westport Innovations Inc. (NASDAQ:WPRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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.”

Analyst Recommendations for Westport Innovations (NASDAQ:WPRT)

Shares of Westport Innovations (NASDAQ:WPRT) traded up 1.26% on Wednesday, reaching $1.61. 84,840 shares of the company traded hands. The stock’s 50 day moving average price is $1.52 and its 200-day moving average price is $1.79. Westport Innovations has a one year low of $1.29 and a one year high of $3.64. The stock’s market capitalization is $176.79 million.

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Westport Innovations (NASDAQ:WPRT) last announced its earnings results on Tuesday, August 9th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.27. Westport Innovations had a negative net margin of 69.35% and a negative return on equity of 135.76%. The business earned $44.40 million during the quarter, compared to analyst estimates of $49.21 million. During the same period in the previous year, the business posted ($0.27) earnings per share. Westport Innovations’s revenue for the quarter was up 59.7% on a year-over-year basis. Equities analysts forecast that Westport Innovations will post ($0.62) earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP increased its position in Westport Innovations by 351.7% in the second quarter. Royce & Associates LP now owns 4,508,350 shares of the company’s stock valued at $7,529,000 after buying an additional 3,510,254 shares during the period. Dimensional Fund Advisors LP acquired a new position in Westport Innovations during the second quarter valued at approximately $3,523,000. B. Riley Financial Inc. acquired a new position in Westport Innovations during the second quarter valued at approximately $2,702,000. Vanguard Group Inc. acquired a new position in Westport Innovations during the second quarter valued at approximately $2,137,000. Finally, Ancora Advisors LLC acquired a new position in Westport Innovations during the second quarter valued at approximately $515,000. 16.98% of the stock is currently owned by hedge funds and other institutional investors.

About Westport Innovations

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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