Westport Fuel Systems (NASDAQ:WPRT) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Westport Fuel Systems Inc. (NASDAQ:WPRT) (TSE:WPRT)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.91 and traded as high as $2.00. Westport Fuel Systems shares last traded at $1.97, with a volume of 14,416 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Royal Bank Of Canada lowered 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 report on Monday, April 27th. Zacks Research lowered Westport Fuel Systems from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Westport Fuel Systems in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.38.

Westport Fuel Systems Stock Performance

The firm has a market cap of $34.63 million, a price-to-earnings ratio of -0.53 and a beta of 2.14. The firm has a 50-day moving average price of $1.97 and a two-hundred day moving average price of $1.91.

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

Hedge Funds Weigh In On Westport Fuel Systems

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

About Westport Fuel Systems

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.