Westport Fuel Systems Inc (WPRT) Stock Price Up 15.2% After Earnings Beat
Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPT) rose 15.2% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $2.20 and last traded at $2.20, with a volume of 2,823,931 shares traded. The stock had previously closed at $1.91.
The auto parts company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $62.10 million during the quarter, compared to the consensus estimate of $58.44 million. Westport Fuel Systems had a negative return on equity of 81.28% and a negative net margin of 32.70%. The company’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 EPS.
WPRT has been the subject of several research analyst reports. Zacks Investment Research downgraded Westport Fuel Systems from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. ValuEngine raised Westport Fuel Systems from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. HC Wainwright set a $5.00 price objective on Westport Fuel Systems and gave the company a “buy” rating in a research note on Tuesday. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $1.50 price objective on shares of Westport Fuel Systems in a research note on Friday, July 14th.
Institutional investors have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its stake in shares of Westport Fuel Systems by 1.4% in the second quarter. Royce & Associates LP now owns 5,464,983 shares of the auto parts company’s stock worth $12,843,000 after buying an additional 73,000 shares during the period. Grace & White Inc. NY boosted its stake in shares of Westport Fuel Systems by 14.0% in the first quarter. Grace & White Inc. NY now owns 2,091,080 shares of the auto parts company’s stock worth $2,007,000 after buying an additional 256,129 shares during the period. Paradigm Capital Management Inc. NY bought a new stake in shares of Westport Fuel Systems during the second quarter worth approximately $1,176,000. Norges Bank bought a new stake in shares of Westport Fuel Systems during the fourth quarter worth approximately $508,000. Finally, US Bancorp DE boosted its stake in shares of Westport Fuel Systems by 62.7% in the first quarter. US Bancorp DE now owns 250,200 shares of the auto parts company’s stock worth $240,000 after buying an additional 96,401 shares during the period. 9.40% of the stock is owned by hedge funds and other institutional investors.
The company’s market cap is $242.70 million. The company’s 50 day moving average price is $1.89 and its 200 day moving average price is $1.44.
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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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