Westport Innovations Inc. (WPRT) Posts Earnings Results, Misses Expectations By $0.07 EPS
Westport Innovations Inc. (NASDAQ:WPRT) posted its quarterly earnings data on Wednesday. The company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.07. The business earned $76.10 million during the quarter, compared to analyst estimates of $82.44 million. Westport Innovations had a negative return on equity of 135.76% and a negative net margin of 69.35%. The firm’s revenue for the quarter was up 241.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.32) EPS.
Westport Innovations (NASDAQ:WPRT) opened at 1.18 on Friday. The stock’s market cap is $129.57 million. Westport Innovations has a 1-year low of $1.17 and a 1-year high of $3.09. The firm’s 50 day moving average price is $1.56 and its 200-day moving average price is $1.69.
Separately, Zacks Investment Research upgraded Westport Innovations from a “hold” rating to a “buy” rating and set a $1.50 target price for the company in a research note on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Westport Innovations currently has a consensus rating of “Hold” and an average target price of $3.58.
Several hedge funds have recently bought and sold shares of WPRT. Royce & Associates LP raised its stake in Westport Innovations by 351.7% in the second quarter. Royce & Associates LP now owns 4,508,350 shares of the company’s stock worth $7,529,000 after buying an additional 3,510,254 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Westport Innovations during the second quarter worth approximately $3,523,000. B. Riley Financial Inc. purchased a new position in shares of Westport Innovations during the second quarter worth approximately $2,702,000. Vanguard Group Inc. purchased a new position in shares of Westport Innovations during the second quarter worth approximately $2,137,000. Finally, Ancora Advisors LLC purchased a new position in shares of Westport Innovations during the second quarter worth approximately $515,000. 17.01% of the stock is currently owned by institutional investors and hedge funds.
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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