HC Wainwright Cuts Westport Fuel Systems (NASDAQ:WPRT) Price Target to $7.00

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) had its target price cut by investment analysts at HC Wainwright from $22.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the auto parts company’s stock. HC Wainwright’s target price would suggest a potential upside of 151.80% from the stock’s current price. HC Wainwright also issued estimates for Westport Fuel Systems’ FY2029 earnings at ($0.39) EPS.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada dropped their price target 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. Cormark dropped their price objective on shares of Westport Fuel Systems from $11.50 to $10.80 in a report on Tuesday, April 1st.

Westport Fuel Systems Price Performance

Shares of NASDAQ:WPRT opened at $2.78 on Wednesday. The stock’s 50 day moving average is $3.88 and its 200-day moving average is $4.07. Westport Fuel Systems has a twelve month low of $2.50 and a twelve month high of $6.60. The company has a quick ratio of 1.00, a current ratio of 1.60 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $48.05 million, a price-to-earnings ratio of -1.87 and a beta of 2.80.

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

Institutional Investors Weigh In On Westport Fuel Systems

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

About Westport Fuel Systems

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.