HC Wainwright Reaffirms "Buy" Rating for Westport Fuel Systems (NASDAQ:WPRT)

Key Points

• HC Wainwright has reaffirmed a buy rating for Westport Fuel Systems (NASDAQ:WPRT) with a target price of $7.00, indicating a potential upside of 108.96% from its current stock price.
• The company's latest earnings report showed a loss of ($0.29) EPS, meeting analysts' expectations, but reported revenues of $12.50 million, significantly below expectations of $75.49 million.
• Institutional investors have shown increased interest in Westport Fuel Systems, with companies like Wealthquest Corp and Baird Financial Group acquiring significant stakes in the first and fourth quarters respectively.

HC Wainwright restated their buy rating on shares of Westport Fuel Systems (NASDAQ:WPRT - Free Report) TSE: WPRT in a research note released on Wednesday,Benzinga reports. They currently have a $7.00 price target on the auto parts company's stock.

Separately, Wall Street Zen started coverage on shares of Westport Fuel Systems in a report on Friday, May 16th. They issued a "hold" rating on the stock.

Westport Fuel Systems Stock Performance

Shares of NASDAQ:WPRT traded up $0.11 during midday trading on Wednesday, reaching $2.98. The company had a trading volume of 13,708 shares, compared to its average volume of 31,469. The company's 50 day moving average price is $3.38 and its 200 day moving average price is $3.42. The company has a current ratio of 1.43, a quick ratio of 1.41 and a debt-to-equity ratio of 0.01. The stock has a market cap of $51.70 million, a P/E ratio of -1.02 and a beta of 2.88. Westport Fuel Systems has a 52-week low of $2.50 and a 52-week high of $6.20.

Westport Fuel Systems (NASDAQ:WPRT - Get Free Report) TSE: WPRT last issued its quarterly earnings results on Monday, August 11th. The auto parts company reported ($0.29) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.29). The company had revenue of $12.50 million for the quarter, compared to the consensus estimate of $75.49 million. Westport Fuel Systems had a negative net margin of 16.85% and a negative return on equity of 16.12%. As a group, sell-side analysts anticipate 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 added to or reduced their stakes in the company. Parallel Advisors LLC bought a new stake in Westport Fuel Systems in the 1st quarter valued at about $40,000. Virtu Financial LLC bought a new stake in Westport Fuel Systems in the 1st quarter valued at about $41,000. TD Waterhouse Canada Inc. raised its stake in Westport Fuel Systems by 2,384.7% in the 4th 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 during the period. Millennium Management LLC bought a new stake in Westport Fuel Systems in the 4th quarter valued at about $149,000. Finally, Wealthquest Corp bought a new stake in Westport Fuel Systems in the 1st quarter valued at about $925,000. 21.30% of the stock is currently owned by institutional investors.

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.