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Insiders are also snapping up a huge amount of stock in
Westport Innovations(WPRT - Get Report), a provider of engine and fuel system technologies utilizing gaseous fuels. Insiders are buying into huge strength here since this stock is up a whopping 39% in 2012.
Westport Innovations market cap of $2.54 billion and an enterprise value of $2.65 billion. This stock trades at a fair valuation, with a price-to-sales of 10.09 and a price-to-book of 13.85. Its estimated growth rate for this year is 16.7%, and for next year it's pegged at 46.7%. This is a cash-rich company, since the total cash position on its balance sheet is $105.57 million and its total debt is $87.29 million.
A beneficial owner just
bought 500,000 shares, or around $22.2 million worth of stock, at $43.29 to $4.38 per share.
From a technical perspective, WPRT is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock broke out today above some near-term overhead resistance at $47.38 a share. That said, after breaking out WPRT reversed the move entirely and closed near its daily lows on monster volume. This type of action normally leads to more downside for a stock in the near-term.
If you're bullish WPRT, I would let this stock selloff significantly more consider the bearish reversal that was put in today after breaking out. This stock could easily fall all the way back towards its 50-day moving average of $41.20, or even down towards some near-term support zones at $38.38 to $35 a share. I would wait until this stock moves sideways off one of those support levels before considering long biased trades.
Westport is one of
George Soros' holdings, as of the most recently reported period.