Royal Bank of Canada Cuts Westport Fuel Systems (NASDAQ:WPRT) Price Target to $4.00

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) had its price objective cut by equities researchers at Royal Bank of Canada from $8.00 to $4.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the auto parts company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 13.96% from the stock’s current price.

Westport Fuel Systems Stock Performance

NASDAQ:WPRT traded down $0.20 during trading hours on Tuesday, reaching $3.51. The company had a trading volume of 31,783 shares, compared to its average volume of 47,595. The firm has a market cap of $60.66 million, a PE ratio of -2.36 and a beta of 2.93. Westport Fuel Systems has a 1-year low of $3.26 and a 1-year high of $6.74. The business’s 50 day moving average price is $4.17 and its 200-day moving average price is $4.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.60 and a quick ratio of 1.00.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) last announced its quarterly earnings results 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). Westport Fuel Systems had a negative net margin of 8.01% and a negative return on equity of 25.57%. The business had revenue of $75.10 million during the quarter, compared to analysts’ expectations of $70.68 million. Research analysts forecast that Westport Fuel Systems will post -1.69 EPS for the current year.

Institutional Investors Weigh In On Westport Fuel Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in WPRT. TD Waterhouse Canada Inc. raised its position in shares of 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 worth $57,000 after purchasing an additional 15,715 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Westport Fuel Systems during the fourth quarter valued at approximately $149,000. Baird Financial Group Inc. boosted its stake 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 worth $3,280,000 after acquiring an additional 235,610 shares during the last quarter. Finally, Grace & White Inc. NY raised its stake in Westport Fuel Systems by 40.3% in the 4th quarter. Grace & White Inc. NY now owns 1,043,980 shares of the auto parts company’s stock valued at $3,737,000 after purchasing an additional 299,798 shares during the last quarter. Hedge funds and other institutional investors own 21.30% of the company’s stock.

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.