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MARKETS LIVE BLOG:

DOW CROSSES 40,000 MARK FOR THE FIRST TIME

All three major indices post weekly wins as meme rally fizzles out

Westport (WPRT) Surges 10.6%: Is This an Indication of Further Gains?

Zacks Equity Research
·2 min read

Westport Innovations (WPRT) shares rallied 10.6% in the last trading session to close at $5.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 21.5% loss over the past four weeks.

While there is no specific development or news that could be attributed to WPRT’s share price surge yesterday, investors seem to be growing optimistic ahead of the company’s first-quarter results, buoyed by its solid portfolio of eco-friendly products. The HPDI fuel system, offering environmentally friendly and robust performance for heavy-duty trucks, positions the company favorably as the transition to green transportation solutions intensifies.

This maker of natural-gas engine technology is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of +8.3%. Revenues are expected to be $88.45 million, up 7.6% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Westport, the consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on WPRT going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Westport belongs to the Zacks Automotive - Original Equipment industry. Another stock from the same industry, ChargePoint Holdings, Inc. (CHPT), closed the last trading session 7% higher at $1.52. Over the past month, CHPT has returned -22.4%.

ChargePoint's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.12. Compared to the company's year-ago EPS, this represents a change of +20%. ChargePoint currently boasts a Zacks Rank of #3 (Hold).

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Westport Fuel Systems Inc. (WPRT) : Free Stock Analysis Report

ChargePoint Holdings, Inc. (CHPT) : Free Stock Analysis Report

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Zacks Investment Research