Westport Fuel Systems Inc (WPRT) Upgraded to Buy by Zacks Investment Research
Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage presently has a $4.25 target price on the auto parts company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 26.11% from the company’s current price.
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.”
Other equities research analysts have also recently issued research reports about the company. BidaskClub raised Westport Fuel Systems from a “hold” rating to a “buy” rating in a report on Thursday, August 17th. 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 upped 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. Cowen and Company reaffirmed a “hold” rating and issued a $1.50 price target on shares of Westport Fuel Systems in a report on Friday, July 14th. Finally, ValuEngine raised Westport Fuel Systems from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Westport Fuel Systems presently has a consensus rating of “Buy” and a consensus price target of $3.30.
Westport Fuel Systems (NASDAQ:WPRT) traded down 9.16% during midday trading on Thursday, hitting $3.37. The company had a trading volume of 3,388,104 shares. The company’s 50 day moving average is $3.02 and its 200 day moving average is $2.00. Westport Fuel Systems has a 12-month low of $0.82 and a 12-month high of $4.09. The stock’s market cap is $439.45 million.
Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPT) last announced its earnings results on Monday, August 14th. The auto parts company reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. Westport Fuel Systems had a negative return on equity of 65.98% and a negative net margin of 20.37%. The firm had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $58.44 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. On average, equities analysts anticipate that Westport Fuel Systems will post ($0.49) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Paradigm Capital Management Inc. NY purchased a new position in Westport Fuel Systems during the 2nd quarter worth approximately $1,176,000. US Bancorp DE grew its position in Westport Fuel Systems by 62.7% during the 1st quarter. US Bancorp DE now owns 250,200 shares of the auto parts company’s stock worth $240,000 after purchasing an additional 96,401 shares in the last quarter. KCG Holdings Inc. grew its position in Westport Fuel Systems by 313.2% during the 1st 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. Wells Fargo & Company MN grew its position in Westport Fuel Systems by 496.2% during the 1st quarter. Wells Fargo & Company MN now owns 108,054 shares of the auto parts company’s stock worth $103,000 after purchasing an additional 89,931 shares in the last quarter. Finally, Royce & Associates LP grew its position in Westport Fuel Systems by 1.4% during the 2nd quarter. Royce & Associates LP now owns 5,464,983 shares of the auto parts company’s stock worth $12,843,000 after purchasing an additional 73,000 shares in the last quarter. 9.35% of the stock is currently owned by institutional investors.
About Westport Fuel Systems
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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