Westport Fuel Systems (WPRT) Shares Down 11.5% After Earnings Miss

Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPRT) shares dropped 11.5% during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $2.52 and last traded at $2.54. Approximately 2,429,565 shares traded hands during trading, an increase of 212% from the average daily volume of 779,229 shares. The stock had previously closed at $2.87.

The auto parts company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Westport Fuel Systems had a negative net margin of 14.85% and a negative return on equity of 64.05%. The company had revenue of $64.20 million during the quarter, compared to the consensus estimate of $54.04 million. During the same quarter in the prior year, the company posted ($0.43) earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis.

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WPRT has been the topic of several analyst reports. BidaskClub upgraded Westport Fuel Systems from a “strong sell” rating to a “sell” rating in a research note on Thursday, February 15th. Craig Hallum set a $5.00 price objective on Westport Fuel Systems and gave the company a “buy” rating in a research note on Friday, December 22nd. Zacks Investment Research downgraded Westport Fuel Systems from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Finally, ValuEngine downgraded Westport Fuel Systems from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $3.58.

Institutional investors and hedge funds have recently made changes to their positions in the company. Quad Capital Management Advisors LLC acquired a new position in shares of Westport Fuel Systems in the 4th quarter worth approximately $113,000. Jane Street Group LLC acquired a new position in shares of Westport Fuel Systems in the 4th quarter worth approximately $147,000. Paradigm Capital Management Inc. NY acquired a new position in shares of Westport Fuel Systems in the 4th quarter worth approximately $188,000. Northern Trust Corp boosted 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 worth $161,000 after acquiring an additional 346 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Westport Fuel Systems in the 4th quarter worth approximately $263,000. 20.43% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $390.90, a price-to-earnings ratio of -6.35 and a beta of 1.81. The company has a quick ratio of 1.13, a current ratio of 1.62 and a debt-to-equity ratio of 0.22.

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Westport Fuel Systems Company Profile

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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