Westport Innovations Inc. (WPRT) Reaches New 1-Year Low After Earnings Miss
Westport Innovations Inc. (NASDAQ:WPRT)’s share price reached a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.25 and last traded at $1.24, with a volume of 1,267,891 shares traded. The stock had previously closed at $1.39.
The company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.07. Westport Innovations had a negative return on equity of 135.76% and a negative net margin of 69.35%. The business earned $76.10 million during the quarter, compared to analysts’ expectations of $82.44 million. During the same period in the prior year, the firm posted ($0.32) earnings per share. The firm’s revenue for the quarter was up 241.3% on a year-over-year basis.
Separately, Zacks Investment Research raised Westport Innovations from a “hold” rating to a “buy” rating and set a $1.50 price objective on the stock 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 company’s stock. Westport Innovations currently has an average rating of “Hold” and an average price target of $3.58.
Institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. increased its position in Westport Innovations by 5.2% in the second quarter. KCG Holdings Inc. now owns 80,615 shares of the company’s stock valued at $135,000 after buying an additional 3,995 shares in the last quarter. Jane Street Group LLC increased its position in Westport Innovations by 10.3% in the second quarter. Jane Street Group LLC now owns 64,307 shares of the company’s stock valued at $107,000 after buying an additional 6,007 shares in the last quarter. Royal Bank of Canada increased its position in Westport Innovations by 349.4% in the second quarter. Royal Bank of Canada now owns 71,722 shares of the company’s stock valued at $120,000 after buying an additional 55,762 shares in the last quarter. California Public Employees Retirement System bought a new position in Westport Innovations during the second quarter valued at $245,000. Finally, US Bancorp DE bought a new position in Westport Innovations during the second quarter valued at $263,000. 17.01% of the stock is currently owned by hedge funds and other institutional investors.
The company’s market cap is $129.57 million. The firm’s 50-day moving average is $1.56 and its 200-day moving average is $1.69.
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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