Company Update (NASDAQ:WPRT): Westport Innovations Inc. (USA) Completes HPDI Technology Program with Daimler AG
Westport Innovations Inc. (USA) (NASDAQ:WPRT), engineering the world’s most advanced natural gas engines and vehicles, announced today that it has completed an engineering program with Daimler AG to develop and assess Westport High Pressure Direct Injection (HPDI) system for a Daimler heavy duty engine. The prototype HPDI engine met all technical targets resulting in a payment of 2.4 million Euro (approximately $2.7 million USD) by Daimler to Westport. For competitive reasons, further terms of the program have not been disclosed. (Original Source)
Shares of Westport Innovations closed yesterday at $4.30. WPRT has a 1-year high of $18.98 and a 1-year low of $3.24. The stock’s 50-day moving average is $5.21 and its 200-day moving average is $4.67.
On the ratings front, Westport Innovations has been the subject of a number of recent research reports. In a report issued on May 11, Jefferies Co. analyst Laurence Alexander maintained a Hold rating on WPRT, with a price target of $6, which implies an upside of 39.5% from current levels. Separately, on May 8, Lake Street Capital’s Robert Brown upgraded the stock to Buy and has a price target of $9.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Laurence Alexander and Robert Brown have a total average return of 13.6% and 18.3% respectively. Alexander has a success rate of 63.2% and is ranked #87 out of 3694 analysts, while Brown has a success rate of 36.4% and is ranked #1077.
The street is mostly Neutral on WPRT stock. Out of 5 analysts who cover the stock, 4 suggest a Hold rating and one recommends to Buy the stock. The 12-month average price target assigned to the stock is $6.83, which implies an upside of 58.8% from current levels.
Westport Innovations Inc is a provider of high-performance, low-emission engine and fuel system technologies utilizing gaseous fuels.Its segments include On-Road Systems, Applied Technologies, and Corporate and Technology Investments.