Westport Innovations Inc. (NASDAQ:WPRT) (TSE:WPT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Westport Fuel Systems has underperformed the Zacks categorized Auto/Truck Original Equipment industry so far this year. However, most of the company’s estimates have remained stable over the last 60 days. Westport Fuel Systems i has been incurring losses over the past several years. As a result, it has a significant level of accumulated deficit. Weakness in the CWI JV and high cash outflow are other headwinds.”
Shares of Westport Innovations (NASDAQ:WPRT) opened at 1.20 on Tuesday. The firm’s 50-day moving average is $1.22 and its 200-day moving average is $1.41. The company’s market cap is $132.01 million. Westport Innovations has a 1-year low of $1.12 and a 1-year high of $3.09.
Westport Innovations (NASDAQ:WPRT) last announced its earnings results on Wednesday, November 9th. The company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.07. The firm earned $76.10 million during the quarter, compared to the consensus estimate of $82.44 million. Westport Innovations had a negative return on equity of 101.18% and a negative net margin of 44.93%. The business’s revenue for the quarter was up 241.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.32) earnings per share. On average, equities analysts forecast that Westport Innovations will post ($0.93) earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Westport Innovations by 48.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,911,247 shares of the company’s stock worth $3,077,000 after buying an additional 622,058 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Westport Innovations by 349.4% in the second quarter. Royal Bank of Canada now owns 71,722 shares of the company’s stock worth $120,000 after buying an additional 55,762 shares during the last quarter. B. Riley Financial Inc. acquired a new stake in shares of Westport Innovations during the second quarter worth $2,702,000. Jane Street Group LLC raised its stake in shares of Westport Innovations by 10.3% in the second quarter. Jane Street Group LLC now owns 64,307 shares of the company’s stock worth $107,000 after buying an additional 6,007 shares during the last quarter. Finally, KCG Holdings Inc. raised its stake in shares of Westport Innovations by 5.2% in the second quarter. KCG Holdings Inc. now owns 80,615 shares of the company’s stock worth $135,000 after buying an additional 3,995 shares during the last quarter. Institutional investors and hedge funds own 12.24% of the company’s stock.
Westport Innovations Company Profile
Westport Fuel Systems Inc (Westport), 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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