Royal Bank of Canada Lowers Westport Fuel Systems (NASDAQ:WPRT) Price Target to $1.50

Westport Fuel Systems (NASDAQ:WPRT – Get Rating) (TSE:WPRT) had its target price dropped by research analysts at Royal Bank of Canada from $2.50 to $1.50 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the auto parts company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 71.55% from the stock’s previous close.

Westport Fuel Systems Stock Up 8.5 %

Shares of NASDAQ WPRT opened at $0.87 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.61 and a current ratio of 2.33. Westport Fuel Systems has a 1 year low of $0.75 and a 1 year high of $1.79. The stock’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $0.96. The firm has a market cap of $149.78 million, a price-to-earnings ratio of -4.37 and a beta of 2.49.

Institutional Investors Weigh In On Westport Fuel Systems

Several hedge funds and other institutional investors have recently bought and sold shares of WPRT. Advisor Group Holdings Inc. grew its position in shares of Westport Fuel Systems by 70.8% during the first quarter. Advisor Group Holdings Inc. now owns 21,226 shares of the auto parts company’s stock worth $34,000 after buying an additional 8,800 shares in the last quarter. Cibc World Market Inc. acquired a new position in Westport Fuel Systems during the 1st quarter worth $51,000. Captrust Financial Advisors increased its position in shares of Westport Fuel Systems by 107.6% in the 3rd quarter. Captrust Financial Advisors now owns 34,876 shares of the auto parts company’s stock worth $30,000 after purchasing an additional 18,076 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Westport Fuel Systems by 251.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 35,111 shares of the auto parts company’s stock valued at $55,000 after purchasing an additional 25,111 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Westport Fuel Systems by 159.5% during the second quarter. Toronto Dominion Bank now owns 46,132 shares of the auto parts company’s stock worth $46,000 after purchasing an additional 28,357 shares during the last quarter. 13.70% of the stock is currently owned by hedge funds and other institutional investors.

Westport Fuel Systems Company Profile

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Westport Fuel Systems, Inc engages in the business of engineering, manufacturing, and supplying alternative fuel systems and components for transportation applications. It operates through the following segments: Original Equipment Manufacturers (OEM), Independent Aftermarket (IAM), and Corporate. The OEM segment includes designing, manufacturing, and selling alternative fuel systems, components, and electronics including the HPDI 2.0 fuel systems product and engineering services.