HC Wainwright Has Lowered Expectations for Westport Fuel Systems (NASDAQ:WPRT) Stock Price

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) had its price target decreased by HC Wainwright from $22.00 to $7.00 in a research note released on Wednesday,Benzinga reports. HC Wainwright currently has a buy rating on the auto parts company’s stock. HC Wainwright also issued estimates for Westport Fuel Systems’ FY2029 earnings at ($0.39) EPS.

Several other research analysts have also weighed in on WPRT. Cormark cut their price objective on shares of Westport Fuel Systems from $11.50 to $10.80 in a report on Tuesday, April 1st. Royal Bank of Canada cut their target price on Westport Fuel Systems from $8.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 1st.

Westport Fuel Systems Price Performance

Westport Fuel Systems stock traded down $0.14 during midday trading on Wednesday, reaching $2.77. 11,579 shares of the company were exchanged, compared to its average volume of 48,244. The firm’s 50-day simple moving average is $3.91 and its 200-day simple moving average is $4.08. Westport Fuel Systems has a 1 year low of $2.50 and a 1 year high of $6.60. The company has a market capitalization of $47.94 million, a price-to-earnings ratio of -1.86 and a beta of 2.80. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.00 and a current ratio of 1.60.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) last announced its quarterly earnings data on Monday, March 31st. The auto parts company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.35). Westport Fuel Systems had a negative net margin of 8.01% and a negative return on equity of 25.57%. The firm had revenue of $75.10 million for the quarter, compared to analysts’ expectations of $70.68 million. On average, analysts anticipate that Westport Fuel Systems will post -1.69 EPS for the current year.

Hedge Funds Weigh In On Westport Fuel Systems

A number of institutional investors and hedge funds have recently bought and sold shares of WPRT. Grace & White Inc. NY boosted its stake in shares of Westport Fuel Systems by 40.3% in the fourth quarter. Grace & White Inc. NY now owns 1,043,980 shares of the auto parts company’s stock valued at $3,737,000 after purchasing an additional 299,798 shares during the period. Baird Financial Group Inc. lifted its holdings in Westport Fuel Systems by 34.6% in the 4th quarter. Baird Financial Group Inc. now owns 916,168 shares of the auto parts company’s stock worth $3,280,000 after buying an additional 235,610 shares in the last quarter. Millennium Management LLC purchased a new position in Westport Fuel Systems in the 4th quarter valued at about $149,000. TD Waterhouse Canada Inc. grew its stake in shares of Westport Fuel Systems by 2,384.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 16,374 shares of the auto parts company’s stock valued at $57,000 after acquiring an additional 15,715 shares in the last quarter. Finally, Parallel Advisors LLC purchased a new stake in shares of Westport Fuel Systems during the first quarter worth about $40,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

Westport Fuel Systems Company Profile

Westport Fuel Systems Inc engages in the engineering, manufacturing, and supplying alternative fuel systems and components for use in transportation applications in Europe, Asia, North America, South America, and internationally. The company operates through two segments, Original Equipment Manufacturers and Independent Aftermarket.