The stock of Westport Fuel Systems Inc. (NASDAQ:WPRT) is now priced at $1.74 and the shares are 0.04 points up or 2.35% higher compared to its previous closing price of $1.7. The stock had 1.528 million contracts set over the past session. WPRT shares’ daily volume is compared to its average trading volume at 1.402 million shares. However, it has a float of 117 million and although its performance was -3.33% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the WPRT share price recently placing at $1.71 to $1.87. However, some brokerage firms have priced the stock below the average, including one that has called $2.5.
The shorts are climbing into the Westport Fuel Systems Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the WPRT shares have risen. Short interest in the stock represents just 2.31% of its float, but the volume has raised by 485004. The volume of shorted shares rised to 2.701 million from 2.216 million shares over the last two weeks. The average intraday trading volume has been 1.836 million shares, which means that days to cover moved to roughly 1.470968.
In the last trading session, Westport Fuel Systems Inc. (NASDAQ:WPRT) dropped by -$0.06 over the week and gained $0.12 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.39. The stock recorded its established 52-week high on 11/08/19.
Since 03/23/20, the stock has traded to a low of $0.7 at 148.57%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Westport Fuel Systems Inc.’s two-week RSI is 50.25. This suggests that the stock is neutral at the moment and that WPRT shares’ price movement remains stable. The stochastic readings are equally revealing at 12.72% meaning the WPRT share price is currently in overbought territory.
The technical chart shows that the WPRT stock will likely settle at between $1.8367 and $1.9333 per share. However, if the stock dips below $1.6767, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.6133.
Currently, the stock is trading in the red of MACD, with a reading of -0.0567. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Lake Street raised their recommendation for WPRT from Hold to Buy in May 10 review while maintain their target price of $5. Lake Street analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on February 05. H.C. Wainwright analysts see the stock as Buy when the analysts initiated the share price coverage on September 20, placing it at $6.
The average rating for the WPRT equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Westport Fuel Systems Inc. polled by Reuters, 1 rated WPRT as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the WPRT stock price is 15.82X ahead of its 12-month Consensus earnings per share estimates.