Zacks Investment Research downgraded shares of Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPT) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

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.”

Several other brokerages have also commented on WPRT. Oppenheimer Holdings, Inc. initiated coverage on Westport Fuel Systems in a research note on Wednesday, August 16th. They issued an outperform rating and a $3.00 price target on the stock. ValuEngine upgraded Westport Fuel Systems from a sell rating to a hold rating in a report on Tuesday, June 27th. BidaskClub upgraded 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 objective on Westport Fuel Systems and gave the company a buy rating in a report on Tuesday, August 15th. Finally, Cowen and Company reiterated a hold rating and issued a $1.50 price objective on shares of Westport Fuel Systems in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $3.02.

Shares of Westport Fuel Systems (WPRT) opened at 3.89 on Monday. Westport Fuel Systems has a 1-year low of $0.82 and a 1-year high of $4.09. The firm has a 50-day moving average price of $2.94 and a 200-day moving average price of $1.97. The stock’s market cap is $507.26 million.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPT) last announced its quarterly earnings results on Monday, August 14th. The auto parts company reported ($0.12) EPS for the quarter, beating 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 business had revenue of $62.10 million for the quarter, compared to analyst estimates of $58.44 million. During the same quarter in the prior year, the company posted $0.05 EPS. The company’s quarterly revenue was up 66.9% on a year-over-year basis. Equities analysts forecast that Westport Fuel Systems will post ($0.49) EPS for the current year.

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Several hedge funds have recently bought and sold shares of WPRT. Wells Fargo & Company MN raised its holdings in shares of Westport Fuel Systems by 496.2% in the 1st quarter. Wells Fargo & Company MN now owns 108,054 shares of the auto parts company’s stock valued at $103,000 after buying an additional 89,931 shares during the period. KCG Holdings Inc. raised its holdings in shares of Westport Fuel Systems by 313.2% in the 1st quarter. KCG Holdings Inc. now owns 127,134 shares of the auto parts company’s stock valued at $122,000 after buying an additional 96,365 shares during the period. Northern Trust Corp raised its holdings in shares of Westport Fuel Systems by 0.5% in the 2nd quarter. Northern Trust Corp now owns 68,774 shares of the auto parts company’s stock valued at $161,000 after buying an additional 346 shares during the period. Royal Bank of Canada raised its holdings in shares of Westport Fuel Systems by 0.5% in the 2nd quarter. Royal Bank of Canada now owns 72,049 shares of the auto parts company’s stock valued at $169,000 after buying an additional 375 shares during the period. Finally, US Bancorp DE raised its holdings in shares of Westport Fuel Systems by 62.7% in the 1st quarter. US Bancorp DE now owns 250,200 shares of the auto parts company’s stock valued at $240,000 after buying an additional 96,401 shares during the period. Hedge funds and other institutional investors own 9.35% of the company’s stock.

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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