Westport Fuel Systems (NASDAQ:WPRT) Stock Crosses Above 200-Day Moving Average – Here’s Why

Westport Fuel Systems Inc. (NASDAQ:WPRT) (TSE:WPRT) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.94 and traded as high as $2.25. Westport Fuel Systems shares last traded at $2.04, with a volume of 2,044,012 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WPRT shares. Zacks Research downgraded Westport Fuel Systems from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Royal Bank Of Canada reduced their price objective on Westport Fuel Systems from $2.00 to $1.75 and set a “sector perform” rating for the company in a research note on Monday, April 27th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Westport Fuel Systems in a report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $4.38.

Westport Fuel Systems Trading Down 9.7%

The firm has a market cap of $35.50 million, a PE ratio of -0.54 and a beta of 2.12. The company has a 50-day simple moving average of $1.99 and a 200 day simple moving average of $1.94.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) last posted its earnings results on Thursday, April 23rd. The auto parts company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.05). Westport Fuel Systems had a negative net margin of 68.55% and a negative return on equity of 37.38%. The firm had revenue of $1.16 million for the quarter, compared to analysts’ expectations of $1.13 million. On average, equities analysts expect that Westport Fuel Systems Inc. will post -1.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in shares of Westport Fuel Systems by 23.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 38,753 shares of the auto parts company’s stock worth $61,000 after acquiring an additional 7,401 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Westport Fuel Systems in the 4th quarter valued at about $31,000. Royce & Associates LP purchased a new position in shares of Westport Fuel Systems in the 4th quarter valued at about $357,000. Finally, Grace & White Inc. NY raised its holdings in Westport Fuel Systems by 11.0% in the 4th quarter. Grace & White Inc. NY now owns 1,160,087 shares of the auto parts company’s stock worth $1,821,000 after purchasing an additional 114,787 shares during the period. Institutional investors and hedge funds own 21.30% of the company’s stock.

Westport Fuel Systems Company Profile

Westport Fuel Systems Inc is a Canadian-based company that designs, engineers and manufactures alternative fuel systems and components for transportation and industrial applications. Specializing in natural gas, propane and hydrogen technologies, the company develops complete fuel delivery systems, high-pressure direct injection solutions and fuel storage modules tailored for light-, medium- and heavy-duty vehicles. Its platforms are designed to reduce emissions and lower operating costs for original equipment manufacturers (OEMs) and fleet operators worldwide.

The company’s product portfolio includes compressed natural gas (CNG) and liquefied natural gas (LNG) fuel systems, electronic controls, injectors, pressure regulators and specialized fuel tanks.