It was just yesterday that we wrote about a question concerning the endless run-up in shares of Westport Innovations Inc. (NASDAQ: WPRT). It turns out that the company itself decided shares had risen so much that it was time for a share sale. Despite raising guidance a bit, shares of Westport Innovations are down over 5% in early indications.
The company announced that it will offer to sell 5,000,000 shares of its common stock in the United States and in Canada. Morgan Stanley and Jefferies & Company are listed as the joint book-runners for the offering.
Everyone is using this stock as a proxy for compressed natural gas trucks ahead, and that means that the stock tends to act more ‘headline driven’ and ‘event driven’ than off of traditional valuation metrics.
The exact level is down 5.4% at $43.15 in the Wednesday pre-market session with about 50 minutes until the market opens. This is after a high of $47.38 yesterday. Keep in mind that the 52-week low is $16.19.
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